obdc-20250930

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________________________

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from_______to

Commission File Number 814-01190

______________________________________________

BLUE OWL CAPITAL CORPORATION

(Exact name of Registrant as specified in its Charter)


Maryland						47-5402460
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

399 Park Avenue, New York, New York						10022
(Address of principal executive offices)						(Zip Code)

Registrant’s telephone number, including area code: (212) 419-3000

______________________________________________

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value per share	OBDC	The New York Stock Exchange

______________________________________________

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ NO ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ NO ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definition of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO ☒

As of November 5, 2025, the registrant had 511,048,237 shares of common stock, $0.01 par value per share, outstanding.

Table of Contents


		Page
PART I	FINANCIAL INFORMATION
Item 1.	Financial Statements	3
	Consolidated Statements of Assets and Liabilities as of September 30, 2025 (Unaudited) and December 31, 2024	3
	Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited)	4
	Consolidated Schedules of Investments as of September 30, 2025 (Unaudited) and December 31, 2024	36
	Consolidated Statements of Changes in Net Assets for the Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited)	65
	Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024 (Unaudited)	66
	Notes to Consolidated Financial Statements (Unaudited)	68
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	117
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	169
Item 4.	Controls and Procedures	170

PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	171
Item 1A.	Risk Factors	171
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	174
Item 3.	Defaults Upon Senior Securities	174
Item 4.	Mine Safety Disclosures	174
Item 5.	Other Information	174
Item 6.	Exhibits	175
Signatures		176

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about Blue Owl Capital Corporation (the “Company,” “we” or “our”), our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

•an economic downturn could impair our portfolio companies’ ability to continue to operate, which could lead to the loss of some or all of our investments in such portfolio companies;

•an economic downturn could disproportionately impact the companies that we intend to target for investment, potentially causing us to experience a decrease in investment opportunities and diminished demand for capital from these companies;

•the impact of elevated inflation rates, fluctuating interest rates, ongoing supply chain and labor market disruptions, including those as a result of strikes, work stoppages or accidents, instability in the U.S. and international banking systems, changes in law or regulation, including the impact of tariff enactment, trade disputes with other countries, and the risk of recession or a prolonged shutdown of government services could impact our business prospects and the prospects of our portfolio companies;

•an economic downturn could also impact availability and pricing of our financing and our ability to access the debt and equity capital markets;

•a contraction of available credit and/or an inability to access the equity markets could impair our lending and investment activities;

•changes in base interest rates and significant market volatility on our business and our portfolio companies (including our business prospects and the prospects of our portfolio companies including the ability to achieve our and their business objectives), our industry and the global economy including as a result of ongoing supply chain disruptions;

•interest rate volatility could adversely affect our results, particularly because we use leverage as part of our investment strategy;

•currency fluctuations could adversely affect the results of our investments in foreign companies, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars;

•our future operating results;

•our contractual arrangements and relationships with third parties;

•the ability of our portfolio companies to achieve their objectives;

•competition with other entities and our affiliates for investment opportunities;

•risks related to the uncertainty of the value of our portfolio investments, particularly those having no liquid trading market;

•the use of borrowed money to finance a portion of our investments as well as any estimates regarding potential use of leverage;

•the adequacy of our financing sources and working capital;

•the loss of key personnel;

•the timing of cash flows, if any, from the operations of our portfolio companies;

•the ability of Blue Owl Credit Advisors LLC (“the Adviser” or “our Adviser”) to locate suitable investments for us and to monitor and administer our investments;

•the ability of the Adviser to attract and retain highly talented professionals;

•our ability to qualify for and maintain our tax treatment as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”);

•the impact that environmental, social and governance matters could have on our brand and reputation and our portfolio companies;

•the effect of legal, tax and regulatory changes;

•the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks, and the increasing use of artificial intelligence and machine learning technology;

•the impact of geo-political conditions, including revolution, insurgency, terrorism or war, including those arising out of the ongoing war between Russia and Ukraine, as well as political and social unrest in the Middle East and North Africa regions, uncertainty with respect to immigration, and general uncertainty surrounding the financial and

political stability of the United States, the United Kingdom, the European Union and China, on financial market volatility, global economic markets, and various markets for commodities globally such as oil and natural gas;

•the ability of the parties to consummate the proposed transactions that will result in Blue Owl Capital Corporation II (“OBDC II”) merging with and into the Company (the “OBDC II Mergers”) pursuant to an Agreement and Plan of Merger (the “OBDC II Merger Agreement”), dated November 5, 2025, among the Company, OBDC II, Cowboy Merger Sub Inc., a Maryland corporation and wholly owned subsidiary of the Company (“OBDC II Merger Sub”) and, solely for the limited purposes set forth therein, the Adviser, on the expected timeline, or at all;

•the ability to realize the anticipated benefits of the OBDC II Mergers and the merger of Blue Owl Capital Corporation III (“OBDE”) with and into us (the “OBDE Mergers”) on January 13, 2025 pursuant to an Agreement and Plan of Merger (the “OBDE Merger Agreement”), dated August 7, 2024, among us, OBDE, Cardinal Merger Sub Inc., a Maryland corporation and our wholly owned subsidiary of the Company (“OBDE Merger Sub”) and, solely for the limited purposes set forth therein, the Adviser and Blue Owl Diversified Credit Advisers LLC, a Delaware limited liability company and investment advisor to OBDE (“ODCA”);

•the effects of disruption on our business from the OBDE Mergers and the OBDC II Mergers;

•the combined company’s plans, expectations, objectives and intentions as a result of the OBDE Mergers and the OBDC II Mergers;

•any potential termination of the OBDC II Merger Agreement;

•the actions of the shareholders of OBDC II with respect to the proposals submitted for their approval in connection with the OBDC II Mergers;

•with respect to the OBDC II Mergers, the possibility that competing offers or acquisitions proposals will be made;

•risk that stockholders litigation in connection with the OBDC II Mergers may result in significant costs of defense and liability; and

•other risks, uncertainties and other factors previously identified in the reports and other documents we have filed with the Securities and Exchange Commission (“SEC”).

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These forward-looking statements apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements. Because we are an investment company, the forward-looking statements and projections contained in this report are excluded from the safe harbor protection provided by Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”).

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Blue Owl Capital Corporation

Consolidated Statements of Assets and Liabilities

(Amounts in thousands, except share and per share amounts)


	As of September 30, 2025 (Unaudited)		As of December 31, 2024
Assets
Investments at fair value:
Non-controlled, non-affiliated investments (amortized cost of $14,887,896 and $11,511,987, respectively)	$	14,868,718	$	11,451,457
Non-controlled, affiliated investments (amortized cost of $117,120 and $233,105, respectively)	74,987		235,060
Controlled, affiliated investments (amortized cost of $2,044,382, and $1,424,298, respectively)	2,192,843		1,508,028
Total investments at fair value (amortized cost of $17,049,398 and $13,169,390, respectively)	17,136,548		13,194,545
Cash (restricted cash of $46,999 and $82,387, respectively)	317,183		505,692
Foreign cash (cost of $4,109 and $8,539, respectively)	4,116		8,464
Interest and dividend receivable	105,395		105,881
Receivable from a controlled affiliate	25,165		16,970
Prepaid expenses and other assets	16,684		34,012
Total Assets	$	17,605,091	$	13,865,564
Liabilities
Debt (net of unamortized debt issuance costs of $100,312 and $84,363, respectively)	$	9,528,525	$	7,457,702
Distribution payable	189,088		144,381
Management fee payable	62,098		49,058
Incentive fee payable	38,822		39,082
Payables to affiliates	12,842		6,083
Payable for investments purchased	9,997		—
Accrued expenses and other liabilities	152,448		216,417
Total Liabilities	$	9,993,820	$	7,912,723
Commitments and contingencies (Note 8)
Net Assets
Common shares $0.01 par value, 1,000,000,000 shares authorized; 511,048,237 and 390,217,304 shares issued and outstanding, respectively	5,111		3,902
Additional paid-in-capital	7,673,114		5,919,539
Accumulated undistributed (overdistributed) earnings	(66,954)		29,400
Total Net Assets	$	7,611,271	$	5,952,841
Total Liabilities and Net Assets	$	17,605,091	$	13,865,564
Net Asset Value Per Share	$	14.89	$	15.26

The accompanying notes are an integral part of these consolidated financial statements.

Blue Owl Capital Corporation

Consolidated Statements of Operations

(Amounts in thousands, except share and per share amounts)

(Unaudited)


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
Investment Income
Investment income from non-controlled, non-affiliated investments:
Interest income	$	349,053	$	299,598	$	1,090,278	$	881,408
Payment-in-kind (“PIK”) interest income	28,072		45,561		93,045		131,068
Dividend income	22,224		17,115		64,565		54,764

Other income	4,003		5,326		14,861		16,627
Total investment income from non-controlled, non-affiliated investments	403,352		367,600		1,262,749		1,083,867
Investment income from non-controlled, affiliated investments:
Interest income	432		471		1,266		579
Payment-in-kind (“PIK”) interest income	844		180		2,748		312
Dividend income	16		12		571		74
Other income	26		11		96		11
Total investment income from non-controlled, affiliated investments	1,318		674		4,681		976
Investment income from controlled, affiliated investments:
Interest income	10,442		7,589		29,241		22,760
Payment-in-kind (“PIK”) interest income	—		359		—		1,062
Dividend income	37,920		29,627		106,794		93,151
Other income	33		180		89		550
Total investment income from controlled, affiliated investments	48,395		37,755		136,124		117,523
Total Investment Income	453,065		406,029		1,403,554		1,202,366
Operating Expenses
Interest expense	151,019		121,273		451,122		349,527
Management fees, net(1)	62,096		49,264		188,840		144,512
Performance based incentive fees	38,822		39,224		123,500		118,111
Professional fees	4,052		3,476		11,122		11,185
Directors' fees	633		320		1,273		960
Other general and administrative	3,267		4,001		10,477		10,051
Total Operating Expenses	259,889		217,558		786,334		634,346
Net Investment Income (Loss) Before Taxes	193,176		188,471		617,220		568,020
Income tax expense (benefit), including excise tax expense (benefit)	3,092		3,559		9,124		11,209
Net Investment Income (Loss) After Taxes	$	190,084	$	184,912	$	608,096	$	556,811
Net Realized and Change in Unrealized Gain (Loss)
Net change in unrealized gain (loss):
Non-controlled, non-affiliated investments	$	(65,542)	$	33,552	$	5,222	$	(32,267)
Non-controlled, affiliated investments	(25,856)		(143)		(41,267)		251
Controlled, affiliated investments	27,818		(24,132)		61,913		(22,187)
Translation of assets and liabilities in foreign currencies and other transactions	(505)		(2,321)		16,862		7,917
Income tax (provision) benefit	(1,490)		(1,178)		(3,252)		(1,188)
Total Net Change in Unrealized Gain (Loss)	(65,575)		5,778		39,478		(47,474)
Net realized gain (loss):
Non-controlled, non-affiliated investments	(1,298)		(55,368)		(132,396)		(60,408)


Foreign currency transactions	4,970		36		(6,858)		(8,834)
Total Net Realized Gain (Loss)	3,672		(55,332)		(139,254)		(69,242)
Total Net Realized and Change in Unrealized Gain (Loss)	(61,903)		(49,554)		(99,776)		(116,716)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	128,181	$	135,358	$	508,320	$	440,095
Earnings Per Share - Basic and Diluted	$	0.25	$	0.35	$	1.01	$	1.13
Weighted Average Shares Outstanding - Basic and Diluted	511,048,237		390,217,304		505,700,153		390,018,665

_______________

(1)Refer to Note 3 “Agreements and Related Party Transactions” for additional details on management fee waiver.

The accompanying notes are an integral part of these consolidated financial statements.

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(2)(27)		Fair Value		% of Net Assets
Non-controlled/non-affiliated portfolio company investments
Debt Investments(7)
Advertising and media
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))(3)(4)(8)	First lien senior secured loan	S+	4.50%		12/2029	$	42,404	$	42,039	$	42,404
Monotype Imaging Holdings Inc.(3)(4)(8)(22)	First lien senior secured loan	S+	5.50%		2/2031	152,080		150,600		152,080
								192,639		194,484		2.6	%
Aerospace and defense
Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC)(3)(4)(9)	First lien senior secured loan	S+	0.67%	5.83%	7/2027	41,975		31,930		22,247
Peraton Corp.(3)(9)	Second lien senior secured loan	S+	7.75%		2/2029	60,393		57,420		35,711
STS PARENT, LLC (dba STS Aviation Group)(3)(4)(9)	First lien senior secured loan	S+	5.00%		10/2031	114,714		113,750		114,140
STS PARENT, LLC (dba STS Aviation Group)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.00%		10/2030	8,487		8,402		8,423
								211,502		180,521		2.4	%
Asset based lending and fund finance
Hg Genesis 8 Sumoco Limited(3)(4)(19)(31)	Unsecured facility	SA+		7.50%	9/2027	£	13,858	17,421		18,656
Hg Genesis 9 SumoCo Limited(3)(4)(14)(31)	Unsecured facility	E+		6.25%	3/2029	€	52,158	55,297		61,286
Hg Saturn Luchaco Limited(3)(4)(19)(31)	Unsecured facility	SA+		8.25%	3/2027	£	54,490	69,085		73,357
								141,803		153,299		2.0	%
Automotive services
MAJCO LLC (dba Big Brand Tire & Service)(3)(4)(8)	First lien senior secured loan	S+	4.50%		9/2032	57,614		57,326		57,326
Spotless Brands, LLC(3)(4)(10)	First lien senior secured loan	S+	5.75%		7/2028	94,291		92,935		94,291
Spotless Brands, LLC(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.75%		7/2028	1,044		1,029		1,044
								151,290		152,661		2.0	%
Buildings and real estate
Associations Finance, Inc.(3)(4)(6)	Unsecured notes	N/A		14.25%	5/2030	195,741		194,248		195,741
Associations, Inc.(3)(4)(9)(22)	First lien senior secured delayed draw term loan	S+	6.50%		7/2028	445,428		443,537		445,428
Wrench Group LLC(3)(4)(9)	First lien senior secured loan	S+	4.75%		9/2032	120,804		120,105		120,099
								757,890		761,268		10.0	%
Business services
Aurelia Netherlands B.V.(3)(4)(14)(31)	First lien senior secured EUR term loan	E+	4.75%		5/2031	€	64,136	72,487		75,360
CMG HoldCo, LLC (dba Crete United)(3)(4)(10)(22)	First lien senior secured loan	S+	4.50%		11/2030	1,292		1,270		1,292

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets
CMG HoldCo, LLC (dba Crete United)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	4.50%		11/2030	11	8	11
CoolSys, Inc.(3)(9)	First lien senior secured loan	S+	4.75%		8/2028	11,831	11,643	10,427
Denali BuyerCo, LLC (dba Summit Companies)(3)(4)(9)(22)	First lien senior secured loan	S+	5.25%		9/2028	143,730	141,993	146,604
Denali BuyerCo, LLC (dba Summit Companies)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.25%		9/2027	4,539	4,530	4,630
DuraServ LLC(3)(4)(8)	First lien senior secured loan	S+	4.75%		6/2031	131,739	130,620	130,751
Gainsight, Inc.(3)(4)(9)	First lien senior secured loan	S+	6.25%		7/2027	32,919	32,697	32,919
Hercules Borrower, LLC (dba The Vincit Group)(3)(4)(9)	First lien senior secured loan	S+	4.75%		12/2028	127,669	127,290	127,350
Hercules Buyer, LLC (dba The Vincit Group)(3)(4)(6)(33)	Unsecured notes	N/A		0.48%	12/2029	6,280	6,459	8,672
KPSKY Acquisition, Inc. (dba BluSky)(3)(4)(9)	First lien senior secured loan	S+	5.50%		10/2028	43,212	39,922	39,323
KPSKY Acquisition, Inc. (dba BluSky)(3)(4)(9)	First lien senior secured delayed draw term loan	S+	5.75%		10/2028	31	29	28
Ping Identity Holding Corp.(3)(4)(9)	First lien senior secured loan	S+	4.75%		10/2029	900	898	900
Pye-Barker Fire & Safety, LLC(3)(4)(9)(22)	First lien senior secured loan	S+	4.50%		5/2031	181,187	179,791	180,734
Pye-Barker Fire & Safety, LLC(3)(4)(9)(22)	First lien senior secured revolving loan	S+	4.50%		5/2030	2,918	2,826	2,860

							752,463	761,861	10.0	%
Chemicals
Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC)(3)(4)(8)	Second lien senior secured loan	S+	7.75%		11/2028	16,500	16,178	14,933
DCG ACQUISITION CORP. (dba DuBois Chemical)(3)(4)(9)(22)	First lien senior secured loan	S+	5.00%		6/2031	80,065	79,135	79,453
Gaylord Chemical Company, L.L.C.(3)(4)(9)(22)	First lien senior secured loan	S+	5.50%		12/2027	192,927	191,772	192,927
Rocket BidCo, Inc. (dba Recochem)(3)(4)(9)(31)	First lien senior secured loan	S+	4.75%		11/2030	261,017	256,062	261,017
Velocity HoldCo III Inc. (dba VelocityEHS)(3)(4)(9)	First lien senior secured loan	S+	5.50%		4/2027	27,250	27,017	27,250

							570,164	575,580	7.6	%
Consumer products
Conair Holdings LLC(3)(8)	First lien senior secured loan	S+	3.75%		5/2028	12,441	11,317	7,761
Conair Holdings LLC(3)(4)(8)	Second lien senior secured loan	S+	7.50%		5/2029	161,616	158,602	95,353
Feradyne Outdoors, LLC(3)(4)(9)	First lien senior secured loan	S+	3.15%	3.60%	5/2028	78,196	78,196	59,624
Foundation Consumer Brands, LLC(3)(4)(9)	First lien senior secured loan	S+	5.00%		2/2029	53,407	52,888	53,141
Lignetics Investment Corp.(3)(4)(9)	First lien senior secured loan	S+	5.75%		11/2027	89,302	88,203	88,408

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets
Lignetics Investment Corp.(3)(4)(9)	First lien senior secured loan	S+	5.50%		11/2027	13,525	13,359	13,390
Lignetics Investment Corp.(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.75%		10/2026	10,294	10,190	10,171
SWK BUYER, Inc. (dba Stonewall Kitchen)(3)(4)(9)	First lien senior secured loan	S+	5.25%		3/2029	1,460	1,421	1,431
SWK BUYER, Inc. (dba Stonewall Kitchen)(3)(4)(10)(22)	First lien senior secured revolving loan	S+	5.25%		3/2029	68	66	66
WU Holdco, Inc. (dba PurposeBuilt Brands)(3)(4)(9)	First lien senior secured loan	S+	4.75%		4/2032	93,827	93,604	93,827
							507,846	423,172	5.6	%
Containers and packaging
Arctic Holdco, LLC (dba Novvia Group)(3)(4)(9)(22)	First lien senior secured loan	S+	5.25%		1/2032	101,624	101,209	101,624
Arctic Holdco, LLC (dba Novvia Group)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.25%		1/2031	580	547	580
Ascend Buyer, LLC (dba PPC Flexible Packaging)(3)(4)(9)	First lien senior secured loan	S+	5.75%		9/2028	71,279	70,211	71,279
Fortis Solutions Group, LLC(3)(4)(9)	First lien senior secured loan	S+	5.50%		10/2028	35,192	34,265	34,488
Fortis Solutions Group, LLC(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.50%		10/2027	903	849	830
Indigo Buyer, Inc. (dba Inovar Packaging Group)(3)(4)(9)(22)	First lien senior secured loan	S+	5.25%		5/2028	9,534	9,416	9,534
Pregis Topco LLC(3)(4)(8)	Second lien senior secured loan	S+	7.75%		8/2029	28,167	27,846	28,167
Pregis Topco LLC(3)(4)(8)	Second lien senior secured loan	S+	6.75%		8/2029	164,333	162,573	164,333
							406,916	410,835	5.4	%
Distribution
ABB/Con-cise Optical Group LLC(3)(4)(9)	First lien senior secured loan	S+	7.50%		2/2028	64,629	64,145	63,982
BradyPLUS Holdings, LLC (f/k/a BradyIFS Holdings, LLC)(3)(4)(9)(22)	First lien senior secured loan	S+	5.00%		10/2029	205,592	203,489	205,592
Endries Acquisition, Inc.(3)(4)(8)	First lien senior secured loan	S+	5.50%		12/2028	129,020	127,977	127,408
Offen, Inc.(3)(4)(8)	First lien senior secured loan	S+	5.00%		7/2030	16,349	16,191	16,186
							411,802	413,168	5.4	%
Education
Severin Acquisition, LLC (dba PowerSchool)(3)(4)(8)(22)	First lien senior secured loan	S+	2.75%	2.25%	10/2031	1,572	1,543	1,550

							1,543	1,550	—	%
Energy equipment and services
Dresser Utility Solutions, LLC(3)(4)(8)	First lien senior secured loan	S+	5.50%		3/2029	80,134	79,334	80,134
							79,334	80,134	1.1	%

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets
Financial services
Baker Tilly Advisory Group, LP(3)(4)(8)	First lien senior secured loan	S+	4.75%		6/2031	87,501	86,220	87,501
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)(3)(4)(8)(22)	First lien senior secured loan	S+	4.75%		6/2030	25,215	24,843	25,215
Continental Finance Company, LLC(3)(4)(8)	First lien senior secured loan	S+	8.00%		3/2029	7,500	7,434	7,425
Deerfield Dakota Holdings(3)(4)(9)	First lien senior secured loan	S+	3.00%	2.75%	9/2032	115,886	115,310	115,306
Finastra USA, Inc.(3)(4)(9)(31)	First lien senior secured revolving loan	S+	7.25%		9/2029	27,941	27,705	28,081
Klarna Holding AB(3)(4)(9)(31)	Subordinated Floating Rate Notes	S+	7.00%		4/2034	1,000	1,000	1,000
KRIV Acquisition Inc. (dba Riveron)(3)(4)(9)(22)	First lien senior secured loan	S+	5.00%		7/2031	8,166	7,986	8,142
Minotaur Acquisition, Inc. (dba Inspira Financial)(3)(4)(8)	First lien senior secured loan	S+	5.00%		6/2030	224,091	221,397	224,091
NMI Acquisitionco, Inc. (dba Network Merchants)(3)(4)(8)	First lien senior secured loan	S+	4.50%		9/2028	47,799	47,616	47,799
Smarsh Inc.(3)(4)(9)	First lien senior secured loan	S+	4.75%		2/2029	1,989	1,969	1,984
Smarsh Inc.(3)(4)(8)(22)	First lien senior secured revolving loan	S+	4.75%		2/2029	55	55	55
							541,535	546,599	7.2	%
Food and beverage
Balrog Acquisition, Inc. (dba Bakemark)(3)(4)(8)	Second lien senior secured loan	S+	7.00%		9/2029	28,000	27,788	26,880
Blast Bidco Inc. (dba Bazooka Candy Brands)(3)(4)(9)	First lien senior secured loan	S+	6.00%		10/2030	37,489	36,767	37,489
BP Veraison Buyer, LLC (dba Sun World)(3)(4)(9)	First lien senior secured loan	S+	5.25%		5/2029	137,712	136,386	137,712
Eagle Family Foods Group LLC(3)(4)(10)	First lien senior secured loan	S+	5.00%		8/2030	2,585	2,550	2,585
Fiesta Purchaser, Inc. (dba Shearer's Foods)(3)(4)(10)(22)	First lien senior secured revolving loan	S+	3.25%		2/2029	410	410	410
Gehl Foods, LLC(3)(4)(9)	First lien senior secured delayed draw term loan	S+	6.25%		6/2030	104,990	103,736	104,990
Hissho Parent, LLC(3)(4)(9)	First lien senior secured loan	S+	4.50%		5/2029	13,945	13,818	13,945
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(3)(4)(8)	First lien senior secured loan	S+	6.25%		3/2027	42,240	41,522	42,028
KBP Brands, LLC(3)(4)(9)	First lien senior secured loan	S+	5.50%	0.50%	5/2027	1,081	1,051	1,060
Ole Smoky Distillery, LLC(3)(4)(8)	First lien senior secured loan	S+	5.50%		3/2028	853	845	840
Rushmore Investment III LLC (dba Winland Foods)(3)(4)(9)	First lien senior secured loan	S+	5.00%		10/2030	358,193	354,428	358,193

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(2)(27)	Fair Value	% of Net Assets
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)(3)(4)(9)(22)	First lien senior secured loan	S+	4.75%		7/2027	53,509		53,668	53,227
The Better Being Co., LLC (fka Nutraceutical International Corporation)(3)(4)(8)	First lien senior secured loan	S+	6.75%		9/2026	215,192		214,885	215,192
Vital Bidco AB (dba Vitamin Well)(3)(4)(8)(31)	First lien senior secured loan	S+	4.31%		10/2031	61,729		60,692	61,729
								1,048,546	1,056,280	13.9	%
Healthcare equipment and services
Bamboo US BidCo LLC(3)(4)(9)(22)	First lien senior secured loan	S+	5.25%		9/2030	9,609		9,545	9,609
Bamboo US BidCo LLC(3)(4)(14)	First lien senior secured EUR term loan	E+	5.25%		9/2030	€	4,673	4,846	5,491
Cadence, Inc.(4)(9)(22)	First lien senior secured loan	S+	4.50%		5/2026	31,683		31,213	31,155
Cambrex Corporation(3)(4)(8)	First lien senior secured loan	S+	4.50%		3/2032	781		774	781
Creek Parent, Inc. (dba Catalent)(3)(4)(8)	First lien senior secured loan	S+	5.00%		12/2031	113,653		111,325	113,653
CSC MKG Topco LLC (dba Medical Knowledge Group)(3)(4)(8)	First lien senior secured loan	S+	5.50%		2/2029	4,968		4,861	4,955
Nelipak Holding Company(3)(4)(8)(22)	First lien senior secured revolving loan	S+	5.50%		3/2031	30,539		29,958	29,871
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.(3)(4)(13)(22)	First lien senior secured EUR revolving loan	E+	5.50%		3/2031	€	47,583	49,722	56,448
Packaging Coordinators Midco, Inc.(3)(4)(9)	First lien senior secured loan	S+	4.75%		1/2032	149,870		147,962	149,121
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(3)(4)(9)(22)(31)	First lien senior secured loan	S+	4.75%		1/2028	158,395		157,080	158,395
PerkinElmer U.S. LLC(3)(4)(8)	First lien senior secured loan	S+	4.75%		3/2029	23,022		22,980	23,022
Rhea Parent, Inc.(3)(4)(9)	First lien senior secured loan	S+	4.75%		12/2030	40,773		40,363	40,671
TBRS, Inc. (dba TEAM Technologies)(3)(4)(9)	First lien senior secured loan	S+	4.75%		11/2031	41,739		41,380	41,530
TBRS, Inc. (dba TEAM Technologies)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	4.75%		11/2030	346		320	318


								652,329	665,020	8.7	%
Healthcare providers and services
Allied Benefit Systems Intermediate LLC(3)(4)(8)	First lien senior secured loan	S+	5.25%		10/2030	6,898		6,782	6,898
Belmont Buyer, Inc. (dba Valenz)(3)(4)(8)	First lien senior secured loan	S+	6.50%		6/2029	4,466		4,390	4,466
Belmont Buyer, Inc. (dba Valenz)(3)(4)(9)	First lien senior secured loan	S+	5.25%		6/2029	2,802		2,736	2,781
Bristol Hospice L.L.C.(3)(4)(8)	First lien senior secured loan	S+	5.00%		8/2032	41,993		41,785	41,783
Commander Buyer, Inc. (dba CenExel)(3)(4)(9)	First lien senior secured loan	S+	4.75%		6/2032	56,242		55,944	56,102

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets
Confluent Health, LLC(3)(4)(8)	First lien senior secured loan	S+	5.00%		11/2028	4,925	4,793	4,666
Covetrus, Inc.(3)(4)(9)	Second lien senior secured loan	S+	9.25%		10/2030	30,000	28,861	27,975
Engage Debtco Limited(3)(4)(9)(31)	First lien senior secured delayed draw term loan	S+	3.18%	2.75%	7/2029	2,111	2,057	2,032
EresearchTechnology, Inc. (dba Clario)(3)(4)(8)(22)	First lien senior secured loan	S+	4.75%		1/2032	102,565	101,556	102,565
Ex Vivo Parent Inc. (dba OB Hospitalist)(3)(4)(8)	First lien senior secured loan	S+		9.50%	9/2028	127,543	126,258	127,543
KABAFUSION Parent, LLC(3)(4)(9)	First lien senior secured loan	S+	5.00%		11/2031	48,736	48,122	48,736
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)(3)(4)(9)	First lien senior secured loan	S+	4.75%		12/2029	77,548	76,418	77,548
Lakefield Acquisition Corp. (dba Lakefield Veterinary Group)(3)(4)(10)(22)	First lien senior secured loan	S+	4.00%		9/2030	634	632	634
Maple Acquisition, LLC (dba Medicus)(3)(4)(10)	First lien senior secured loan	S+	5.00%		5/2031	79,514	78,776	79,514
National Dentex Labs LLC (fka Barracuda Dental LLC)(3)(4)(9)(22)(28)	First lien senior secured loan	S+		10.00%	4/2026	140,686	129,794	54,868
National Dentex Labs LLC (fka Barracuda Dental LLC)(3)(4)(11)(28)	First lien senior secured delayed draw term loan	S+		12.00%	4/2026	21,299	14,248	8,307
National Dentex Labs LLC (fka Barracuda Dental LLC)(3)(4)(9)(22)(28)	First lien senior secured delayed draw term loan	S+		10.00%	12/2025	2,738	2,732	2,738
National Dentex Labs LLC (fka Barracuda Dental LLC)(3)(4)(9)(22)(28)	First lien senior secured revolving loan	S+		9.00%	4/2026	11,235	10,147	4,315
Natural Partners, LLC(3)(4)(9)(31)	First lien senior secured loan	S+	4.50%		11/2030	7,678	7,574	7,660
OB Hospitalist Group, Inc.(3)(4)(8)	First lien senior secured loan	S+	5.25%		9/2027	164,960	163,026	164,960
Pacific BidCo Inc.(3)(4)(10)(31)	First lien senior secured loan	S+	4.12%	1.88%	8/2029	44,138	43,226	43,807
Pacific BidCo Inc.(3)(4)(10)(31)	First lien senior secured delayed draw term loan	S+	5.75%		8/2029	4,581	4,482	4,547
PetVet Care Centers, LLC(3)(4)(8)	First lien senior secured loan	S+	6.00%		11/2030	131,340	129,101	121,489
Physician Partners, LLC(3)(4)(9)	First lien senior secured loan	S+	6.00%		12/2029	11,401	10,821	9,720
Physician Partners, LLC(3)(9)	First lien senior secured loan	S+	1.50%	2.50%	12/2029	6,473	4,164	2,808
Plasma Buyer LLC (dba PathGroup)(3)(4)(9)	First lien senior secured loan	S+	5.75%		5/2029	1,324	1,298	1,135
Plasma Buyer LLC (dba PathGroup)(3)(4)(9)	First lien senior secured delayed draw term loan	S+	6.25%		5/2029	50	49	43
Plasma Buyer LLC (dba PathGroup)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.75%		5/2028	151	149	129
PPV Intermediate Holdings, LLC(3)(4)(9)	First lien senior secured loan	S+	5.75%		8/2029	28,557	28,073	28,557

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(2)(27)	Fair Value	% of Net Assets
PPV Intermediate Holdings, LLC(3)(4)(9)	First lien senior secured delayed draw term loan	S+	6.00%		8/2029	1,764		1,735	1,764
Premier Imaging, LLC (dba LucidHealth)(3)(4)(9)	First lien senior secured loan	S+	3.60%	2.40%	3/2026	49,213		49,180	46,014
Premise Health Holding Corp.(3)(4)(9)	First lien senior secured loan	S+	5.25%		3/2031	62,052		61,166	62,052
Quva Pharma, Inc.(3)(4)(9)	First lien senior secured loan	S+	5.50%		4/2028	66,802		65,751	65,132
Quva Pharma, Inc.(3)(4)(9)	First lien senior secured loan	S+	5.50%		4/2026	15,494		15,299	15,106
SimonMed, Inc.(3)(4)(9)(22)	First lien senior secured loan	S+	4.75%		2/2032	828		824	824
SimonMed, Inc.(3)(4)(9)(22)	First lien senior secured revolving loan	S+	4.75%		2/2031	36		35	35
Soleo Holdings, Inc.(3)(4)(9)	First lien senior secured loan	S+	4.50%		2/2032	59,105		58,831	59,105
Tivity Health, Inc.(3)(4)(8)	First lien senior secured loan	S+	5.00%		6/2029	980		971	980
Unified Women's Healthcare, LP(3)(4)(9)	First lien senior secured loan	S+	5.00%		6/2029	42,282		41,860	42,282
Unified Women's Healthcare, LP(3)(4)(8)	First lien senior secured delayed draw term loan	S+	5.00%		6/2029	17,183		17,021	17,183
Valeris, Inc. (fka Phantom Purchaser, Inc.)(3)(4)(9)	First lien senior secured loan	S+	5.00%		9/2031	42,238		41,651	42,238
Vermont Aus Pty Ltd(3)(4)(16)(31)	First lien senior secured AUD term loan	BB+	5.75%		3/2028	A$	2,576	1,652	1,707


								1,483,970	1,392,748	18.3	%
Healthcare technology
BCPE Osprey Buyer, Inc. (dba PartsSource)(3)(4)(9)	First lien senior secured loan	S+	5.75%		8/2028	162,048		159,804	160,428
BCPE Osprey Buyer, Inc. (dba PartsSource)(3)(4)(8)(22)	First lien senior secured delayed draw term loan	S+	5.75%		8/2028	35,432		34,785	35,077
BCPE Osprey Buyer, Inc. (dba PartsSource)(3)(4)(8)(22)	First lien senior secured revolving loan	S+	5.75%		8/2026	14,584		14,469	14,409
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)(3)(4)(8)(22)	First lien senior secured loan	S+	5.00%		8/2031	89,203		88,077	89,203
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)(3)(4)(8)	First lien senior secured loan	S+	4.75%		8/2031	12,910		12,846	12,845
GI Ranger Intermediate, LLC (dba Rectangle Health)(3)(4)(8)	First lien senior secured loan	S+	5.75%		10/2028	24,696		24,029	24,202
Indikami Bidco, LLC (dba IntegriChain)(3)(4)(8)	First lien senior secured loan	S+	4.00%	2.50%	12/2030	21,701		21,297	21,375
Indikami Bidco, LLC (dba IntegriChain)(3)(4)(8)(22)	First lien senior secured delayed draw term loan	S+	6.00%		12/2030	334		315	329
Indikami Bidco, LLC (dba IntegriChain)(3)(4)(8)(22)	First lien senior secured revolving loan	S+	6.00%		6/2030	1,586		1,555	1,555

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(2)(27)	Fair Value	% of Net Assets
Inovalon Holdings, Inc.(3)(4)(8)	First lien senior secured loan	S+	2.75%	2.75%	11/2028	152,995		152,795	152,995
Inovalon Holdings, Inc.(3)(4)(8)	Second lien senior secured loan	S+		8.50%	11/2033	62,627		62,627	62,627
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(3)(4)(9)(31)	First lien senior secured loan	S+	6.50%		8/2026	169,078		167,611	167,387
Interoperability Bidco, Inc. (dba Lyniate)(3)(4)(9)(22)	First lien senior secured loan	S+	5.75%		3/2028	74,212		73,911	73,048
Modernizing Medicine, Inc. (dba ModMed)(3)(4)(9)	First lien senior secured loan	S+	2.50%	2.25%	4/2032	768		761	764
RL Datix Holdings (USA), Inc.(3)(4)(10)	First lien senior secured loan	S+	5.00%		4/2031	56,403		56,403	56,403
RL Datix Holdings (USA), Inc.(3)(4)(19)	First lien senior secured GBP term loan	SA+	5.00%		4/2031	£	26,120	35,250	35,164
Salinger Bidco Inc. (dba Surgical Information Systems)(3)(4)(9)	First lien senior secured loan	S+	5.75%		8/2031	41,293		40,677	41,293
Salinger Bidco Inc. (dba Surgical Information Systems)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.75%		5/2031	666		626	666
								947,838	949,770	12.5	%
Household products
HGH Purchaser, Inc. (dba Horizon Services)(3)(4)(9)	First lien senior secured loan	S+	4.50%	2.50%	11/2026	191,523		191,354	176,202
HGH Purchaser, Inc. (dba Horizon Services)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	6.50%		11/2026	12,411		12,407	11,087
Mario Midco Holdings, Inc. (dba Len the Plumber)(3)(4)(8)	Unsecured facility	S+		10.75%	4/2032	8,839		8,635	8,530
Mario Purchaser, LLC (dba Len the Plumber)(3)(4)(8)(22)	First lien senior secured revolving loan	S+	5.75%		4/2028	709		683	651
Mario Purchaser, LLC (dba Len the Plumber)(3)(4)(8)	First lien senior secured loan	S+	5.75%		4/2029	27,844		27,297	27,009
SimpliSafe Holding Corporation(3)(4)(8)	First lien senior secured loan	S+	6.25%		5/2028	8,976		8,872	8,976
								249,248	232,455	3.1	%
Human resource support services
Cornerstone OnDemand, Inc.(3)(4)(8)	Second lien senior secured loan	S+	6.50%		10/2029	160,417		153,559	151,594
IG Investments Holdings, LLC (dba Insight Global)(3)(4)(9)	First lien senior secured loan	S+	5.00%		9/2028	117,435		116,334	117,435
								269,893	269,029	3.5	%
Infrastructure and environmental services
AWP Group Holdings, Inc.(3)(4)(8)(22)	First lien senior secured loan	S+	4.50%		12/2030	963		938	954
CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.)(3)(4)(9)	First lien senior secured loan	S+	5.00%		1/2031	54,511		53,897	54,511
GI Apple Midco LLC (dba Atlas Technical Consultants)(3)(4)(8)	First lien senior secured loan	S+	6.75%		4/2030	929		918	922
GI Apple Midco LLC (dba Atlas Technical Consultants)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	6.75%		4/2029	2		1	2

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets
KENE Acquisition, Inc. (dba Entrust Solutions Group)(3)(4)(9)(22)	First lien senior secured loan	S+	5.25%		2/2031	18,365	17,944	18,365
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(3)(4)(8)(22)	First lien senior secured loan	S+	5.00%		3/2029	1,947	1,918	1,947
Vessco Midco Holdings, LLC(3)(4)(8)(22)	First lien senior secured loan	S+	4.75%		7/2031	58,689	57,981	58,689


							133,597	135,390	1.8	%
Insurance
AmeriLife Holdings LLC(3)(4)(9)	First lien senior secured loan	S+	5.00%		8/2029	11,388	11,153	11,331
AmeriLife Holdings LLC(3)(4)(9)(22)	First lien senior secured delayed draw term loan	S+	4.81%		8/2029	1,819	1,796	1,810
AmeriLife Holdings LLC(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.00%		8/2028	167	162	162
Brightway Holdings, LLC(3)(4)(9)(22)	First lien senior secured loan	S+	5.75%		12/2027	66,708	66,041	66,708
Brightway Holdings, LLC(3)(4)(8)(22)	First lien senior secured revolving loan	S+	5.75%		12/2027	3,844	3,795	3,844
Diamond Mezzanine 24 LLC (dba United Risk)(3)(4)(9)(22)	First lien senior secured loan	S+	5.00%		10/2030	24,984	24,736	24,984
Evolution BuyerCo, Inc. (dba SIAA)(3)(4)(9)(22)	First lien senior secured delayed draw term loan	S+	4.75%		4/2030	901	892	901
Galway Borrower LLC(3)(4)(9)(22)	First lien senior secured delayed draw term loan	S+	4.50%		9/2028	586	582	586
Integrity Marketing Acquisition, LLC(3)(4)(9)	First lien senior secured loan	S+	5.00%		8/2028	97,509	96,503	97,509
KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners)(3)(4)(8)	First lien senior secured loan	S+		10.60%	7/2030	65,705	65,177	65,705
Norvax, LLC (dba GoHealth)(3)(4)(9)(28)	First lien senior secured loan	S+	5.50%		11/2029	2,427	2,427	1,389
Norvax, LLC (dba GoHealth)(3)(4)(9)(28)	First lien senior secured revolving loan	S+	4.50%	6.60%	8/2029	3,866	1,749	—
Simplicity Financial Marketing Group Holdings, Inc.(3)(4)(9)(22)	First lien senior secured delayed draw term loan	S+	5.00%		12/2031	44,014	43,397	44,014
THG Acquisition, LLC (dba Hilb)(3)(4)(8)(22)	First lien senior secured revolving loan	S+	4.75%		10/2031	40,603	40,023	40,381
Trucordia Insurance Holdings, LLC(3)(4)(8)	Second lien senior secured loan	S+	5.75%		6/2033	150,000	148,537	150,000
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(3)(4)(8)	First lien senior secured loan	S+	5.00%		12/2029	52,110	51,704	52,110


							558,674	561,434	7.4	%
Internet software and services
AI Titan Parent, Inc. (dba Prometheus Group)(3)(4)(8)	First lien senior secured loan	S+	4.50%		8/2031	7,547	7,358	7,472
AlphaSense, Inc.(3)(4)(9)	First lien senior secured loan	S+	6.25%		6/2029	707	701	703

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(2)(27)	Fair Value	% of Net Assets
Anaplan, Inc.(3)(4)(9)	First lien senior secured loan	S+	4.50%		6/2029	64,342		64,342	64,342
Aptean Acquiror, Inc. (dba Aptean)(3)(4)(9)	First lien senior secured loan	S+	4.75%		1/2031	19,274		18,912	19,274
Aptean Acquiror, Inc. (dba Aptean)(3)(4)(8)(22)	First lien senior secured revolving loan	S+	4.34%		1/2031	149		145	149
Armstrong Bidco Limited(3)(4)(19)(31)	First lien senior secured GBP delayed draw term loan	SA+	5.25%		6/2029	£	2,959	3,588	3,964
Artifact Bidco, Inc. (dba Avetta)(3)(4)(9)	First lien senior secured loan	S+	4.25%		7/2031	12,011		11,907	12,011
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)(3)(4)(8)	First lien senior secured loan	S+	6.00%		3/2031	15,817		15,577	15,817
Barracuda Parent, LLC(3)(9)	First lien senior secured loan	S+	4.50%		8/2029	12,699		11,955	10,603
Bayshore Intermediate #2, L.P. (dba Boomi)(3)(4)(9)	First lien senior secured loan	S+	2.50%	3.00%	10/2028	88,255		88,011	88,255
Bayshore Intermediate #2, L.P. (dba Boomi)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.00%		10/2027	1,832		1,815	1,832
BCTO BSI Buyer, Inc. (dba Buildertrend)(3)(4)(9)	First lien senior secured loan	S+	6.50%		12/2026	70,992		70,700	70,992
BCTO WIW Holdings, Inc. (dba When I Work)(3)(4)(6)	Senior convertible notes	N/A		5.50%	8/2030	4,694		4,694	4,694
By Light Professional IT Services LLC(3)(4)(8)	First lien senior secured loan	S+	5.50%		7/2031	41,947		41,335	41,318
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(3)(4)(9)(22)	First lien senior secured loan	S+	5.50%		8/2027	22,796		22,317	22,193
CivicPlus, LLC(3)(4)(9)	First lien senior secured loan	S+	5.50%		8/2030	70,616		70,284	70,440
Coupa Holdings, LLC(3)(4)(9)	First lien senior secured loan	S+	5.25%		2/2030	1,551		1,537	1,551
CP PIK DEBT ISSUER, LLC (dba CivicPlus, LLC)(3)(4)(10)	Unsecured notes	S+		11.75%	6/2034	19,781		19,563	19,781
Crewline Buyer, Inc. (dba New Relic)(3)(4)(8)	First lien senior secured loan	S+	6.75%		11/2030	148,219		145,795	147,108
Delinea Buyer, Inc. (f/k/a Centrify)(3)(4)(9)	First lien senior secured loan	S+	5.75%		3/2028	87,753		86,762	87,753
Denali Intermediate Holdings, Inc. (dba Dun & Bradstreet)(3)(4)(8)	First lien senior secured loan	S+	5.50%		8/2032	77,364		76,219	76,204
EET Buyer, Inc. (dba e-Emphasys)(3)(4)(9)	First lien senior secured loan	S+	4.75%		11/2027	23,248		22,946	23,248
Einstein Parent, Inc. (dba Smartsheet)(3)(4)(9)	First lien senior secured loan	S+	6.50%		1/2031	43,387		42,959	42,953
Forescout Technologies, Inc.(3)(4)(9)	First lien senior secured loan	S+	5.00%		5/2031	96,971		96,226	96,971
Flexera Software LLC(3)(4)(13)	First lien senior secured EUR term loan	E+	4.75%		8/2032	€	5,300	6,193	6,212
Flexera Software LLC(3)(4)(9)	First lien senior secured loan	S+	4.75%		8/2032	17,563		17,521	17,519
Granicus, Inc.(3)(4)(9)	First lien senior secured loan	S+	3.50%	2.25%	1/2031	17,814		17,579	17,814

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(2)(27)	Fair Value	% of Net Assets
Granicus, Inc.(3)(4)(9)	First lien senior secured delayed draw term loan	S+	3.00%	2.25%	1/2031	2,639		2,592	2,632
GS Acquisitionco, Inc. (dba insightsoftware)(3)(4)(9)(22)	First lien senior secured loan	S+	5.25%		5/2028	9,597		9,388	9,523
H&F Opportunities LUX III S.À R.L (dba Checkmarx)(3)(4)(8)(31)	First lien senior secured loan	S+	6.50%		4/2027	51,438		51,262	51,438
Hyland Software, Inc.(3)(4)(8)	First lien senior secured loan	S+	5.00%		9/2030	66,302		66,302	66,302
Icefall Parent, Inc. (dba EngageSmart)(3)(4)(9)	First lien senior secured loan	S+	4.50%		1/2030	32,232		32,232	32,232
JS Parent, Inc. (dba Jama Software)(3)(4)(9)	First lien senior secured loan	S+	4.75%		4/2031	903		899	903
Litera Bidco LLC(3)(4)(8)(22)	First lien senior secured loan	S+	5.00%		5/2028	163,002		162,310	163,002
MINDBODY, Inc.(3)(4)(9)	First lien senior secured loan	S+	6.00%		9/2027	62,018		61,867	62,018
Ministry Brands Holdings, LLC(3)(4)(8)	First lien senior secured loan	S+	5.50%		12/2028	11,913		11,651	11,824
PDI TA Holdings, Inc.(3)(4)(9)(22)	First lien senior secured loan	S+	5.50%		2/2031	22,575		22,104	22,457
QAD, Inc.(3)(4)(8)	First lien senior secured loan	S+	4.75%		11/2027	72,176		71,400	72,176
Securonix, Inc.(3)(4)(9)	First lien senior secured loan	S+	4.00%	3.75%	4/2029	1,744		1,628	1,565
Sitecore Holding III A/S(3)(4)(9)	First lien senior secured loan	S+	3.25%	4.00%	3/2029	4,503		4,481	4,503
Sitecore Holding III A/S(3)(4)(14)	First lien senior secured EUR term loan	E+	3.25%	4.00%	3/2029	€	26,049	27,408	30,607
Sitecore USA, Inc.(3)(4)(9)	First lien senior secured loan	S+	3.00%	4.00%	3/2029	27,148		27,019	27,148
Spaceship Purchaser, Inc. (dba Squarespace)(3)(4)(9)	First lien senior secured loan	S+	5.00%		10/2031	17,354		17,026	17,354
Thunder Purchaser, Inc. (dba Vector Solutions)(3)(4)(9)	First lien senior secured loan	S+	5.25%		6/2028	105,359		104,447	105,359
Zendesk, Inc.(3)(4)(9)(22)	First lien senior secured loan	S+	5.00%		11/2028	101,574		99,987	101,574
								1,740,944	1,753,790	23.0	%
Leisure and entertainment
Aerosmith Bidco 1 Limited (dba Audiotonix)(3)(4)(10)(31)	First lien senior secured loan	S+	5.25%		7/2031	208,759		205,854	208,759
Eternal Buyer, LLC (dba Wedgewood Weddings)(3)(4)(8)	First lien senior secured loan	S+	4.75%		6/2032	35,000		34,830	34,825
Troon Golf, L.L.C.(3)(4)(9)(22)	First lien senior secured loan	S+	4.75%		8/2028	86,442		85,725	86,442
								326,409	330,026	4.3	%
Manufacturing
Faraday Buyer, LLC (dba MacLean Power Systems)(3)(4)(9)	First lien senior secured loan	S+	6.00%		10/2028	149,230		146,723	149,230

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(2)(27)	Fair Value	% of Net Assets
FR Flow Control CB LLC (dba Trillium Flow Technologies)(3)(4)(9)(31)	First lien senior secured loan	S+	5.25%		12/2029	31,661		31,319	31,661
FR Flow Control CB LLC (dba Trillium Flow Technologies)(3)(4)(8)(22)(31)	First lien senior secured revolving loan	S+	5.25%		12/2029	580		547	580
Helix Acquisition Holdings, Inc. (dba MW Industries)(3)(4)(8)	First lien senior secured loan	S+	7.00%		3/2030	946		925	939
JSG II, Inc.(3)(4)(12)	First lien senior secured loan	P+	3.50%		6/2026	13,424		13,407	13,390
Loparex Midco B.V.(3)(4)(9)	First lien senior secured loan	S+	6.00%		2/2027	788		788	788
Loparex Midco B.V.(3)(4)(9)	First lien senior secured loan	S+	4.50%		7/2027	4,122		3,831	3,916
Loparex Midco B.V.(3)(4)(9)	Second lien senior secured loan	S+	8.75%		7/2027	112,000		109,542	94,640
Loparex Midco B.V.(3)(4)(9)	Second lien senior secured loan	S+	8.50%		7/2027	21,000		20,277	19,268
MHE Intermediate Holdings, LLC (dba OnPoint Group)(3)(4)(9)(22)	First lien senior secured loan	S+	6.00%		7/2027	106,206		105,590	102,676
MHE Intermediate Holdings, LLC (dba OnPoint Group)(3)(4)(9)	First lien senior secured loan	S+	6.25%		7/2027	2,488		2,452	2,425
Sonny's Enterprises, LLC(3)(4)(9)(22)	First lien senior secured loan	S+	5.50%		8/2028	290,627		287,950	288,447
Sonny's Enterprises, LLC(3)(4)(9)(22)	First lien senior secured delayed draw term loan	S+	6.50%		8/2028	12,929		12,741	12,929
Sonny's Enterprises, LLC(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.50%		8/2027	9,510		9,406	9,332
								745,498	730,221	9.6	%
Pharmaceuticals
Puma Buyer, LLC (dba PANTHERx)(3)(4)(9)	First lien senior secured loan	S+	4.25%		3/2032	859		853	859
								853	859	—	%
Professional services
Essential Services Holding Corporation (dba Turnpoint)(3)(4)(9)	First lien senior secured loan	S+	5.00%		6/2031	25,974		25,636	25,649
Essential Services Holding Corporation (dba Turnpoint)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.00%		6/2030	637		611	597
Gerson Lehrman Group, Inc.(3)(4)(9)	First lien senior secured loan	S+	5.00%		12/2028	155,495		154,268	155,495
Guidehouse Inc.(3)(4)(8)	First lien senior secured loan	S+	3.00%	2.00%	12/2030	49,311		48,392	49,065
Paris US Holdco, Inc. (dba Precinmac)(3)(4)(8)(22)	First lien senior secured loan	S+	4.75%		12/2031	28,879		28,456	28,798
Relativity ODA LLC(3)(4)(8)	First lien senior secured loan	S+	4.50%		5/2029	101,311		100,597	101,311
Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(9)	First lien senior secured loan	S+	7.00%		5/2028	90,142		89,782	90,142
Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(14)	First lien senior secured EUR delayed draw term loan	E+	7.25%		5/2028	€	15,448	16,529	18,151

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units	Amortized Cost(2)(27)		Fair Value		% of Net Assets
Vensure Employer Services, Inc.(3)(4)(9)	First lien senior secured loan	S+	4.98%		9/2031	1,856	1,824		1,837
							466,095		471,045		6.2	%
Specialty retail
Galls, LLC(3)(4)(9)(22)	First lien senior secured loan	S+	5.00%	1.50%	3/2030	146,945	144,943		146,945
Galls, LLC(3)(4)(9)(22)	First lien senior secured revolving loan	S+	6.00%		3/2030	4,501	4,355		4,501
Milan Laser Holdings LLC(3)(4)(9)	First lien senior secured loan	S+	5.00%		4/2027	63,092	62,470		62,145
Notorious Topco, LLC (dba Beauty Industry Group)(3)(4)(9)(28)	First lien senior secured loan	S+	4.75%	2.50%	11/2027	186,154	177,845		110,761
Notorious Topco, LLC (dba Beauty Industry Group)(3)(4)(9)(28)	First lien senior secured revolving loan	S+	6.75%		5/2027	14,859	14,352		8,841
The Shade Store, LLC(3)(4)(9)	First lien senior secured loan	S+	6.00%		10/2029	100,381	96,769		94,609
The Shade Store, LLC(3)(4)(9)	First lien senior secured loan	S+	7.00%		10/2029	12,238	12,091		11,841
The Shade Store, LLC(3)(4)(9)(22)	First lien senior secured revolving loan	S+	6.00%		10/2028	8,104	7,969		7,507
							520,794		447,150		5.9	%
Telecommunications
EOS Finco S.A.R.L(3)(9)(28)(31)	First lien senior secured loan	S+		6.00%	10/2029	38,734	22,269		9,714
Park Place Technologies, LLC(3)(4)(9)	First lien senior secured loan	S+	5.25%		3/2031	12,586	12,358		12,586
Park Place Technologies, LLC(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.25%		3/2030	478	466		478
PPT Holdings III, LLC (dba Park Place Technologies)(3)(4)(6)	First lien senior secured loan	N/A		12.75%	3/2034	4,549	4,431		4,549
							39,524		27,327		0.4	%
Transportation
Lightbeam Bidco, Inc. (dba Lazer Spot)(3)(4)(9)	First lien senior secured loan	S+	5.00%		5/2030	4,445	4,445		4,445
Lytx, Inc.(3)(4)(8)	First lien senior secured loan	S+	5.00%		2/2028	71,005	71,005		71,005

							75,450		75,450		1.0	%
Total non-controlled/non-affiliated debt investments							$	13,986,389	$	13,753,126	180.7	%
Total non-controlled/non-affiliated misc. debt commitments(22)(23)(Note 8)							$	(5,478)	$	(4,563)	(0.1)	%
Total non-controlled/non-affiliated portfolio company debt investments							$	13,980,911	$	13,748,563	180.6	%

Equity Investments
Aerospace and defense
Space Exploration Technologies Corp.(3)(4)(29)(30)	Class A Common Stock	N/A			N/A	46,605	2,557		10,029
Space Exploration Technologies Corp.(3)(4)(29)(30)	Class C Common Stock	N/A			N/A	9,360	446		2,014
							3,003		12,043		0.2	%

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets
Asset based lending and fund finance
Amergin Asset Management, LLC(3)(4)(29)(30)	Specialty finance equity investment	N/A			N/A	50,000,000	382	2,576
							382	2,576	—	%
Automotive services
CD&R Value Building Partners I, L.P. (dba Belron)(3)(5)(29)(30)(31)	LP Interest	N/A			N/A	73,986	77,389	102,669
Metis HoldCo, Inc. (dba Mavis Tire Express Services)(3)(4)(6)(30)	Series A Convertible Preferred Stock	N/A		7.00%	N/A	247,185	243,777	247,185
Percheron Horsepower-A LP (dba Big Brand Tire & Service)(3)(4)(22)(29)(30)(31)	Limited Partner Interest	N/A			N/A	12,098	12,174	12,098
							333,340	361,952	4.8	%
Buildings and real estate
Dodge Construction Network Holdings, L.P.(3)(4)(29)(30)	Class A-2 Common Units	N/A			N/A	2,613,518	1,920	283
Dodge Construction Network Holdings, L.P.(3)(4)(9)(30)	Series A Preferred Units	S+		8.25%	N/A	—	50	33
							1,970	316	—	%
Business services
Denali Holding, LP (dba Summit Companies)(3)(4)(29)(30)	Class A Units	N/A			N/A	751,184	10,594	21,401
Hercules Buyer, LLC (dba The Vincit Group)(3)(4)(29)(30)(33)	Common Units	N/A			N/A	2,640,000	2,728	3,646
Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)(3)(4)(10)(30)	Perpetual Preferred Stock	S+		10.75%	N/A	10,974	16,145	16,363
							29,467	41,410	0.5	%
Consumer products
ASP Conair Holdings LP(3)(4)(29)(30)	Class A Units	N/A			N/A	73,571	7,442	4,169
							7,442	4,169	0.1	%
Containers and packaging
TCB Holdings I LLC (dba TricorBraun)(3)(4)(6)(30)	Class A Preferred Units	N/A		14.00%	N/A	43,500	44,748	44,887
							44,748	44,887	0.6	%
Financial services
Blend Labs, Inc.(3)(4)(29)(30)	Warrants	N/A			N/A	179,529	975	4
							975	4	—	%
Food and beverage
Hissho Sushi Holdings, LLC(3)(4)(29)(30)	Class A Units	N/A			N/A	15,004	155	225
							155	225	—	%
Healthcare equipment and services
KPCI Holdings, L.P.(3)(4)(29)(30)	Class A Units	N/A			N/A	36,594	49,185	104,671
Maia Aggregator, LP(3)(4)(29)(30)	Class A-2 Units	N/A			N/A	280,899	268	272
Patriot Holdings SCSp (dba Corza Health, Inc.)(3)(4)(6)(30)(31)	Class A Units	N/A		8.00%	N/A	9,739	13,751	13,708

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets
Patriot Holdings SCSp (dba Corza Health, Inc.)(3)(4)(29)(30)(31)	Class B Units	N/A			N/A	134,107	266	626
Rhea Acquisition Holdings, LP(3)(4)(29)(30)	Series A-2 Units	N/A			N/A	238,095	260	279
							63,730	119,556	1.6	%
Healthcare providers and services
Baypine Commander Co-Invest, LP(3)(4)(29)(30)(31)	LP Interest	N/A			N/A	3,067,771	3,068	3,068
KOBHG Holdings, L.P. (dba OB Hospitalist)(3)(4)(29)(30)	Class A Interests	N/A			N/A	9,687	9,376	9,423
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)(3)(4)(29)(30)	Class A Interest	N/A			N/A	542	5,522	7,526
Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers)(3)(4)(6)(30)	Series A Preferred Stock	N/A		15.00%	N/A	15,050	19,043	17,332
XOMA Corporation(3)(4)(29)(30)	Warrants	N/A			N/A	36,000	269	665
							37,278	38,014	0.5	%
Healthcare technology
BEHP Co-Investor II, L.P.(3)(4)(29)(30)(31)	LP Interest	N/A			N/A	1,269,969	823	1,670
Minerva Holdco, Inc.(3)(4)(6)(30)	Senior A Preferred Stock	N/A		10.75%	N/A	9,000	13,085	13,162
ModMed Software Midco Holdings, Inc. (dba ModMed)(3)(4)(6)(30)	Series A Preferred Units	N/A		13.00%	N/A	169,738	165	167
WP Irving Co-Invest, L.P.(3)(4)(29)(30)(31)	Partnership Units	N/A			N/A	1,250,000	736	1,644
							14,809	16,643	0.2	%
Human resource support services
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)(3)(4)(6)(30)	Series A Preferred Stock	N/A		10.50%	N/A	51,250	71,013	67,444
							71,013	67,444	0.9	%
Insurance
Accelerate Topco Holdings, LLC(3)(4)(29)(30)	Common Units	N/A			N/A	5,642	254	269
Evolution Parent, LP (dba SIAA)(3)(4)(29)(30)	LP Interest	N/A			N/A	51,757	5,279	6,685
GoHealth, Inc.(3)(4)(29)(30)	Common stock	N/A			N/A	33,357	186	—
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)(3)(4)(29)(30)	LP Interest	N/A			N/A	124,940	1,253	1,053
Hockey Parent Holdings, L.P.(3)(4)(29)(30)	Class A Common Units	N/A			N/A	17,500	18,225	21,000
PCF Holdco, LLC (dba Trucordia)(3)(4)(29)(30)	Warrants	N/A			N/A	1,624	5,437	4,273
PCF Holdco, LLC (dba Trucordia)(3)(4)(6)(30)	Preferred equity	N/A		14.00%	N/A	30,001	23,338	30,001
							53,972	63,281	0.8	%

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units	Amortized Cost(2)(27)		Fair Value		% of Net Assets
Internet software and services
AlphaSense, LLC(3)(4)(29)(30)	Series E Preferred Shares	N/A			N/A	16,929	153		203

Bird Holding B.V. (fka MessageBird Holding B.V.)(3)(4)(29)(30)(31)	Extended Series C Warrants	N/A			N/A	148,430	790		165
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(3)(4)(29)(30)	Common Units	N/A			N/A	9,233,282	10,049		15,495
Elliott Alto Co-Investor Aggregator L.P.(3)(4)(29)(30)(31)	LP Interest	N/A			N/A	6,007	7,542		12,404
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)(3)(4)(29)(30)(31)	LP Interest	N/A			N/A	1,704	1,811		2,134
Nscale Global Holdings Limited(3)(4)(29)(30)(31)	Series B Preferred Shares	N/A			N/A	9,657	3,669		3,669
Nscale Global Holdings Limited(3)(4)(29)(30)(31)	Preferred equity	N/A			N/A	17	5,502		5,502
Project Alpine Co-Invest Fund, LP(3)(4)(29)(30)(31)	LP Interest	N/A			N/A	12,000	12,582		15,759
Project Hotel California Co-Invest Fund, L.P.(3)(29)(30)(31)	LP Interest	N/A			N/A	4,027	4,182		7,155
Thunder Topco L.P. (dba Vector Solutions)(3)(4)(29)(30)	Common Units	N/A			N/A	5,968,267	6,324		7,100
VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.)(3)(4)(6)(30)	Series A Preferred Stock	N/A		11.00%	N/A	21,250	27,012		30,119
WMC Bidco, Inc. (dba West Monroe)(3)(4)(6)(30)	Senior Preferred Stock	N/A		11.25%	N/A	50,077	75,673		76,809
Zoro TopCo, L.P.(3)(4)(29)(30)	Class A Common Units	N/A			N/A	1,064,900	10,830		11,952
Zoro TopCo, Inc.(3)(4)(9)(30)	Series A Preferred Equity	S+		9.50%	N/A	12,779	12,868		13,085
							178,987		201,551		2.6	%
Manufacturing
Gloves Holdings, LP (dba Protective Industrial Products)(3)(4)(29)(30)	LP Interest	N/A			N/A	48,099	5,395		7,455
Windows Entities(3)(4)(30)(32)	LLC Units	N/A			N/A	31,844	60,319		138,629
							65,714		146,084		1.9	%
Total non-controlled/non-affiliated portfolio company equity investments							$	906,985	$	1,120,155	14.7	%
Total non-controlled/non-affiliated portfolio company investments							$	14,887,896	$	14,868,718	195.4	%

Non-controlled/affiliated portfolio company investments(24)
Debt Investments(7)
Education
Pluralsight, LLC(3)(4)(9)(24)	First lien senior secured loan	S+	3.00%	1.50%	8/2029	23,154	23,077		22,923
Pluralsight, LLC(3)(4)(9)(24)	First lien senior secured loan	S+		7.50%	8/2029	25,828	25,749		25,570
							48,826		48,493		0.6	%

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units	Amortized Cost(2)(27)		Fair Value		% of Net Assets
Specialty retail
Ideal Image Development, LLC(3)(4)(9)(22)(24)(28)	First lien senior secured loan	S+		6.50%	2/2029	11,553	10,716		1,549
Ideal Image Development, LLC(3)(4)(9)(22)(24)(28)	First lien senior secured revolving loan	S+	6.00%		2/2029	2,324	2,264		805
							12,980		2,354		—	%
Total non-controlled/affiliated debt investments							61,806		50,847		0.7	%
Total non-controlled/affiliated misc. debt commitments(22)(23)(Note 8)							$	—	$	(133)	—	%
Total non-controlled/affiliated portfolio company debt investments							$	61,806	$	50,714	0.7	%

Equity Investments
Asset based lending and fund finance
Blue Owl Cross-Strategy Opportunities LLC(3)(5)(24)(26)(30)(31)(34)	Specialty finance equity investment	N/A			N/A	5,282	5,282		5,281
							5,282		5,281		0.1	%
Education
Paradigmatic Holdco LLC (dba Pluralsight)(3)(4)(24)(29)(30)	Common stock	N/A			N/A	7,619,079	20,149		12,570
							20,149		12,570		0.2	%
Pharmaceuticals
LSI Financing 1 DAC(3)(4)(24)(30)(31)	Specialty finance equity investment	N/A			N/A	6,748	6,785		6,422
							6,785		6,422		0.1	%
Specialty retail
Ideal Topco, L.P.(3)(4)(24)(29)(30)	Class A-2 Common Units	N/A			N/A	10,365,854	—		—
Ideal Topco, L.P.(3)(4)(24)(29)(30)	Class A-1 Preferred Units	N/A			N/A	23,719,512	23,098		—
							23,098		—		—	%
Total non-controlled/affiliated equity portfolio company investments							$	55,314	$	24,273	0.3	%
Total non-controlled/affiliated portfolio company investments							$	117,120	$	74,987	1.0	%

Controlled/affiliated portfolio company investments(24)
Debt Investments(7)
Advertising and media
Swipe Acquisition Corporation (dba PLI)(3)(4)(8)(24)	First lien senior secured loan	S+	8.00%		11/2027	72,529	72,512		72,529
Swipe Acquisition Corporation (dba PLI)(3)(4)(8)(22)(24)	First lien senior secured loan	S+	5.00%		11/2027	42,489	42,227		42,382
							114,739		114,911		1.5	%
Asset based lending and fund finance
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(3)(4)(6)(24)(31)	Specialty finance debt investment	N/A		12.00%	7/2030	66,008	65,872		66,008
AAM Series 2.1 Aviation Feeder, LLC(3)(4)(6)(24)(31)	Specialty finance debt investment	N/A		12.00%	11/2030	89,193	89,036		89,193
							154,908		155,201		2.0	%

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units	Amortized Cost(2)(27)		Fair Value		% of Net Assets
Distribution
PS Operating Company LLC (fka QC Supply, LLC)(4)(9)(22)(24)(28)	First lien senior secured loan	S+		6.00%	12/2026	20,702	16,548		3,802
							16,548		3,802		—	%
Household products
Walker Edison Furniture Company LLC(3)(4)(9)(22)(24)(28)	First lien senior secured loan	S+		6.75%	3/2027	57,188	32,997		6,482
Walker Edison Furniture Company LLC(3)(4)(6)(22)(24)(28)	First lien senior secured loan			10.00%	2/2026	6,576	6,421		6,529
Walker Edison Furniture Company LLC(3)(4)(9)(24)(28)	First lien senior secured revolving loan	S+	6.25%		3/2027	14,575	13,355		765
							52,773		13,776		0.2	%
Infrastructure and environmental services
Eagle Infrastructure Services, LLC(4)(9)(24)	First lien senior secured loan	S+	7.50%		4/2028	87,138	86,151		87,138
							86,151		87,138		1.1	%
Total controlled/affiliated debt portfolio company investments							$	425,119	$	374,828	4.9	%

Equity Investments
Advertising and media
New PLI Holdings, LLC (dba PLI)(3)(4)(24)(29)(30)	Class A Common Units	N/A			N/A	86,745	48,007		88,561
							48,007		88,561		1.2	%
Asset based lending and fund finance
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(3)(4)(22)(24)(29)(30)(31)	Specialty finance equity investment	N/A			N/A	30,937	31,431		46,339
AAM Series 2.1 Aviation Feeder, LLC(3)(4)(24)(29)(30)(31)	Specialty finance equity investment	N/A			N/A	34,308	35,325		52,392
Wingspire Capital Holdings LLC(4)(22)(24)(26)(30)	Specialty finance equity investment	N/A			N/A	479,655	479,655		572,569
							546,411		671,300		8.8	%
Distribution
PS Op Holdings LLC (fka QC Supply, LLC)(4)(24)(29)(30)	Class A Common Units	N/A			N/A	248,271	4,300		—
							4,300		—		—	%
Household products
Walker Edison Holdco LLC(3)(4)(24)(29)(30)	Common Units	N/A			N/A	318,823	23,762		—
							23,762		—		—	%
Infrastructure and environmental services
Eagle Infrastructure Services, LLC(4)(24)(29)(30)	Common Units	N/A			N/A	576,276	24,058		41,292
							24,058		41,292		0.5	%
Insurance
Fifth Season Investments LLC(3)(4)(24)(30)	Specialty finance equity investment	N/A			N/A	36	362,342		398,015
							362,342		398,015		5.2	%

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units	Amortized Cost(2)(27)		Fair Value		% of Net Assets
Joint ventures
Blue Owl Credit SLF LLC(3)(5)(24)(26)(30)(31)	LLC Interest	N/A			N/A	404,139	404,144		399,868
							404,144		399,868		5.3	%
Pharmaceuticals
LSI Financing LLC(3)(5)(22)(24)(30)(31)	Specialty finance equity investment	N/A			N/A	206,569	206,239		218,979
							206,239		218,979		2.9	%
Total controlled/affiliated equity company investments							$	1,619,263	$	1,818,015	23.9	%
Total controlled/affiliated portfolio company investments							$	2,044,382	$	2,192,843	28.8	%
Total Investments							$	17,049,398	$	17,136,548	225.1	%


Interest Rate Swaps as of September 30, 2025
	Company Receives	Company Pays	Maturity Date	Notional Amount		Fair Value		Upfront Payments/Receipts		Change in Unrealized Appreciation / (Depreciation)		Hedged Instrument	Footnote Reference
Interest rate swap	2.63%	S + 1.769%	1/15/2027	$	500,000	$	(17,227)	$	—	$	14,604	2027 Notes	Notes 5 and 7
Interest rate swap	5.95%	S + 2.255%	2/15/2029	600,000		4,079		—		9,233		2029 Notes	Notes 5 and 7
Interest rate swap	5.95%	S + 1.922%	2/15/2029	400,000		7,729		—		8,985		2029 Notes	Notes 5 and 7
Interest rate swap	6.20%	S + 2.392%	7/15/2030	500,000		7,110		—		7,110		2030 Notes	Notes 5 and 7
Total				$	2,000,000	$	1,691			$	39,932


	Forward Contracts as of September 30, 2025
	Notional Amount to be Purchased		Notional Amount to be Sold		Counterparty	Settlement Date	Change in Unrealized Appreciation / (Depreciation)
Foreign currency forward contract	$	126,248	£	94,190	Goldman Sachs Bank USA	1/20/2026	$	(385)
Foreign currency forward contract	$	253,824	€	213,971	Goldman Sachs Bank USA	7/17/2026	(885)
Foreign currency forward contract	$	1,685	A$	2,580	Goldman Sachs Bank USA	1/20/2026	(23)
Total							$	(1,293)

_______________

(1)Certain portfolio company investments are subject to contractual restrictions on sales. Refer to footnote 30 for additional information on the Company’s restricted securities.

(2)The amortized cost represents the original cost adjusted for the amortization or accretion of premium or discount, as applicable, on debt investments using the effective interest method.

(3)Represents co-investment made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. See Note 3 “Agreements and Related Party Transactions.”

(4)These investments were valued using unobservable inputs and are considered Level 3 investments.

(5)Investment measured at net asset value (“NAV”).

(6)Investment contains a fixed-rate structure.

(7)Unless otherwise indicated, loan contains a variable rate structure and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the Secured Overnight Financing Rate (“SOFR” or “S,” which can include one-, three-, six- or twelve-month SOFR), Euro Interbank Offered Rate (“EURIBOR” or “E”, which can include one-, three- or six-month EURIBOR), Canadian Overnight Repo Rate Average (“CORRA” or “C”) (which can include one- or three-month CORRA), SONIA (“SONIA” or “SA”), Australian Bank Bill Swap Bid Rate (“BBSY” or “BB”) (which can include one-, three-, or six-month BBSY) or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate), at the borrower’s option, and which reset periodically based on the terms of the loan agreement.

(8)The interest rate on these loans is subject to 1 month SOFR, which as of September 30, 2025 was 4.13%.

(9)The interest rate on these loans is subject to 3 month SOFR, which as of September 30, 2025 was 3.98%.

(10)The interest rate on these loans is subject to 6 month SOFR, which as of September 30, 2025 was 3.85%.

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)
(Unaudited)

(11)The interest rate on these loans is subject to 12 month SOFR, which as of September 30, 2025 was 3.66%.

(12)The interest rate on these loans is subject to Prime, which as of September 30, 2025 was 7.25%.

(13)The interest rate on this loan is subject to 1 month EURIBOR, which as of September 30, 2025 was 1.93%.

(14)The interest rate on this loan is subject to 3 month EURIBOR, which as of September 30, 2025 was 2.03%.

(15)Reserved.

(16)The interest rate on this loan is subject to 1 month BBSY, which as of September 30, 2025 was 3.49%.

(17)Reserved.

(18)Reserved.

(19)The interest rate on this loan is subject to SONIA, which as of September 30, 2025 was 3.97%.

(20)Reserved.

(21)Reserved.

(22)Position or portion thereof is a partially unfunded debt or equity commitment. See Note 8 “Commitments and Contingencies.”


					Unfunded
Company	Commitment Type	Commitment Expiration Date	Funded Commitment		Commitment		Fair Value(23)
Non-controlled/non-affiliated - debt commitments
Aerosmith Bidco 1 Limited (dba Audiotonix)	First lien senior secured delayed draw term loan	7/2027	$	—	$	76,215	$	—
AI Titan Parent, Inc. (dba Prometheus Group)	First lien senior secured delayed draw term loan	9/2026	—		1,509		(8)
AlphaSense, Inc.	First lien senior secured delayed draw term loan	6/2029	—		143		(1)
AlphaSense, Inc.	First lien senior secured delayed draw term loan	12/2025	—		141		(1)
AmeriLife Holdings LLC	First lien senior secured delayed draw term loan	6/2026	1,819		168		—
Arctic Holdco, LLC (dba Novvia Group)	First lien senior secured delayed draw term loan	1/2027	6,704		4,130		—
Artifact Bidco, Inc. (dba Avetta)	First lien senior secured delayed draw term loan	7/2027	—		2,940		—
Associations, Inc.	First lien senior secured delayed draw term loan	7/2028	12,787		20,987		—
Bamboo US BidCo LLC	First lien senior secured delayed draw term loan	11/2026	949		1,108		—
BCPE Osprey Buyer, Inc. (dba PartsSource)	First lien senior secured delayed draw term loan	10/2025	27,001		10,450		—
Belmont Buyer, Inc. (dba Valenz)	First lien senior secured delayed draw term loan	1/2026	—		727		—
BradyPLUS Holdings, LLC (f/k/a BradyIFS Holdings, LLC)	First lien senior secured delayed draw term loan	10/2025	1,977		4,047		—
Brightway Holdings, LLC	First lien senior secured delayed draw term loan	1/2027	15,748		7,894		—
Cambrex Corporation	First lien senior secured delayed draw term loan	3/2027	—		117		—
Cambrex Corporation	First lien senior secured delayed draw term loan	9/2026	—		219		—
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)	First lien senior secured delayed draw term loan	6/2026	2,015		2,463		—
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)	First lien senior secured delayed draw term loan	1/2027	112		8,843		—
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)	First lien senior secured delayed draw term loan	11/2025	—		14,508		—
CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.)	First lien senior secured delayed draw term loan	9/2027	—		9,337		—
CivicPlus, LLC	First lien senior secured delayed draw term loan	5/2027	—		16,290		—
CMG HoldCo, LLC (dba Crete United)	First lien senior secured delayed draw term loan	7/2027	—		247		—

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


				Unfunded
Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Commitment	Fair Value(23)
CMG HoldCo, LLC (dba Crete United)	First lien senior secured delayed draw term loan	7/2027	429	158	—
CMG HoldCo, LLC (dba Crete United)	First lien senior secured delayed draw term loan	7/2027	—	445	—
Commander Buyer, Inc. (dba CenExel)	First lien senior secured delayed draw term loan	6/2027	—	15,339	—
Coupa Holdings, LLC	First lien senior secured delayed draw term loan	6/2027	—	140	—
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)	First lien senior secured delayed draw term loan	7/2027	601	2,462	—
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)	First lien senior secured delayed draw term loan	8/2027	—	740	—
DCG ACQUISITION CORP. (dba DuBois Chemical)	First lien senior secured delayed draw term loan	6/2026	7,301	4,867	—
Denali BuyerCo, LLC (dba Summit Companies)	First lien senior secured delayed draw term loan	1/2027	22,002	24,066	—
EresearchTechnology, Inc. (dba Clario)	First lien senior secured delayed draw term loan	1/2027	2,272	13,957	—
Essential Services Holding Corporation (dba Turnpoint)	First lien senior secured delayed draw term loan	6/2026	—	5,093	(38)
Eternal Buyer, LLC (dba Wedgewood Weddings)	First lien senior secured delayed draw term loan	6/2027	—	7,000	—
Evolution BuyerCo, Inc. (dba SIAA)	First lien senior secured delayed draw term loan	12/2025	62	43	—
Faraday Buyer, LLC (dba MacLean Power Systems)	First lien senior secured delayed draw term loan	11/2025	—	15,945	—
FR Flow Control CB LLC (dba Trillium Flow Technologies)	First lien senior secured delayed draw term loan	6/2026	—	6,380	—
Galls, LLC	First lien senior secured delayed draw term loan	3/2026	23,526	17,391	—
Galway Borrower LLC	First lien senior secured delayed draw term loan	7/2026	503	2,604	—
GS Acquisitionco, Inc. (dba insightsoftware)	First lien senior secured delayed draw term loan	5/2027	—	888	(4)
GS Acquisitionco, Inc. (dba insightsoftware)	First lien senior secured delayed draw term loan	3/2026	121	204	—
Hercules Borrower, LLC (dba The Vincit Group)	First lien senior secured delayed draw term loan	12/2025	—	6,996	(17)
Indigo Buyer, Inc. (dba Inovar Packaging Group)	First lien senior secured delayed draw term loan	7/2026	883	6,108	—
Indikami Bidco, LLC (dba IntegriChain)	First lien senior secured delayed draw term loan	12/2025	334	2,588	—
Integrity Marketing Acquisition, LLC	First lien senior secured delayed draw term loan	8/2026	—	6,920	—
Interoperability Bidco, Inc. (dba Lyniate)	First lien senior secured delayed draw term loan	6/2026	—	4,762	(71)
KENE Acquisition, Inc. (dba Entrust Solutions Group)	First lien senior secured delayed draw term loan	2/2026	812	7,047	—
KRIV Acquisition Inc. (dba Riveron)	First lien senior secured delayed draw term loan	9/2027	—	1,692	—
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)	First lien senior secured delayed draw term loan	8/2027	—	45,411	—
Lakefield Acquisition Corp. (dba Lakefield Veterinary Group)	First lien senior secured delayed draw term loan	9/2026	73	327	—
Litera Bidco LLC	First lien senior secured delayed draw term loan	11/2026	33,076	2,908	—

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


				Unfunded
Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Commitment	Fair Value(23)
Litera Bidco LLC	First lien senior secured delayed draw term loan	5/2027	—	15,101	—
MAJCO LLC (dba Big Brand Tire & Service)	First lien senior secured delayed draw term loan	9/2027	—	40,330	(101)
MAJCO LLC (dba Big Brand Tire & Service)	First lien senior secured delayed draw term loan	6/2026	—	17,284	(43)
Maple Acquisition, LLC (dba Medicus)	First lien senior secured delayed draw term loan	5/2026	—	16,172	—
Minotaur Acquisition, Inc. (dba Inspira Financial)	First lien senior secured delayed draw term loan	5/2026	—	32,524	—
Monotype Imaging Holdings Inc.	First lien senior secured delayed draw term loan	2/2026	3,223	9,308	—
National Dentex Labs LLC (fka Barracuda Dental LLC)	First lien senior secured delayed draw term loan	12/2025	2,738	4,644	—
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.	First lien senior secured EUR delayed draw term loan	3/2027	189	21,753	—
Nelipak Holding Company	First lien senior secured delayed draw term loan	3/2027	—	10,110	(126)
Packaging Coordinators Midco, Inc.	First lien senior secured delayed draw term loan	4/2026	—	74,767	—
Paris US Holdco, Inc. (dba Precinmac)	First lien senior secured delayed draw term loan	12/2026	—	7,442	—
PetVet Care Centers, LLC	First lien senior secured delayed draw term loan	11/2025	—	17,436	(1,133)
Pye-Barker Fire & Safety, LLC	First lien senior secured delayed draw term loan	5/2026	8,582	50,378	—
RL Datix Holdings (USA), Inc.	First lien senior secured delayed draw term loan	4/2027	—	12,722	—
Salinger Bidco Inc. (dba Surgical Information Systems)	First lien senior secured delayed draw term loan	8/2026	—	3,996	—
Severin Acquisition, LLC (dba PowerSchool)	First lien senior secured delayed draw term loan	10/2027	53	262	—
SimonMed, Inc.	First lien senior secured delayed draw term loan	2/2027	73	73	—
Simplicity Financial Marketing Group Holdings, Inc.	First lien senior secured delayed draw term loan	12/2026	3,237	7,677	—
Smarsh Inc.	First lien senior secured delayed draw term loan	1/2027	—	373	—
Soleo Holdings, Inc.	First lien senior secured delayed draw term loan	2/2027	—	8,651	—
Sonny's Enterprises, LLC	First lien senior secured delayed draw term loan	6/2027	12,929	14,737	—
Sonny's Enterprises, LLC	First lien senior secured delayed draw term loan	6/2026	2,546	29,575	—
Spaceship Purchaser, Inc. (dba Squarespace)	First lien senior secured delayed draw term loan	10/2026	—	1,038	—
Spaceship Purchaser, Inc. (dba Squarespace)	First lien senior secured delayed draw term loan	10/2027	—	2,492	—
Spotless Brands, LLC	First lien senior secured delayed draw term loan	3/2027	—	29,500	(111)
STS PARENT, LLC (dba STS Aviation Group)	First lien senior secured delayed draw term loan	10/2026	—	32,025	—
Tamarack Intermediate, L.L.C. (dba Verisk 3E)	First lien senior secured delayed draw term loan	7/2027	140	337	—
TBRS, Inc. (dba TEAM Technologies)	First lien senior secured delayed draw term loan	11/2026	—	4,887	—
THG Acquisition, LLC (dba Hilb)	First lien senior secured delayed draw term loan	10/2026	1,413	7,291	—

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


				Unfunded
Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Commitment	Fair Value(23)
Troon Golf, L.L.C.	First lien senior secured delayed draw term loan	9/2026	6,201	6,248	—
Unified Women's Healthcare, LP	First lien senior secured delayed draw term loan	9/2027	—	4,863	—
Vensure Employer Services, Inc.	First lien senior secured delayed draw term loan	9/2026	—	131	(1)
Vessco Midco Holdings, LLC	First lien senior secured delayed draw term loan	7/2026	8,999	7,564	—
Wrench Group LLC	First lien senior secured delayed draw term loan	9/2027	—	16,473	(14)
WU Holdco, Inc. (dba PurposeBuilt Brands)	First lien senior secured delayed draw term loan	4/2027	—	22,823	—
Zendesk, Inc.	First lien senior secured delayed draw term loan	11/2025	7,247	15,926	—
Aerosmith Bidco 1 Limited (dba Audiotonix)	First lien senior secured revolving loan	7/2030	—	32,230	—
AI Titan Parent, Inc. (dba Prometheus Group)	First lien senior secured revolving loan	8/2031	—	943	(9)
AmeriLife Holdings LLC	First lien senior secured revolving loan	8/2028	167	833	—
Anaplan, Inc.	First lien senior secured revolving loan	6/2028	—	11,667	—
Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC)*	First lien senior secured revolving loan	7/2027	3,000	—	—
Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC)*	First lien senior secured revolving loan	7/2027	502	—	—
Aptean Acquiror, Inc. (dba Aptean)	First lien senior secured revolving loan	1/2031	149	1,381	—
Arctic Holdco, LLC (dba Novvia Group)	First lien senior secured revolving loan	1/2031	580	6,666	—
Artifact Bidco, Inc. (dba Avetta)	First lien senior secured revolving loan	7/2030	—	2,100	—
Ascend Buyer, LLC (dba PPC Flexible Packaging)	First lien senior secured revolving loan	9/2028	—	8,144	—
Associations, Inc.	First lien senior secured revolving loan	7/2028	—	27,139	—
AWP Group Holdings, Inc.	First lien senior secured revolving loan	12/2030	54	73	—
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)	First lien senior secured revolving loan	3/2031	—	1,758	—
Baker Tilly Advisory Group, LP	First lien senior secured revolving loan	6/2030	—	16,190	—
Bamboo US BidCo LLC	First lien senior secured revolving loan	10/2029	—	1,538	—
Bayshore Intermediate #2, L.P. (dba Boomi)	First lien senior secured revolving loan	10/2027	1,832	5,555	—
BCPE Osprey Buyer, Inc. (dba PartsSource)	First lien senior secured revolving loan	8/2026	14,584	2,917	—
BCTO BSI Buyer, Inc. (dba Buildertrend)	First lien senior secured revolving loan	12/2026	—	9,563	—
Belmont Buyer, Inc. (dba Valenz)	First lien senior secured revolving loan	6/2029	—	436	—
Blast Bidco Inc. (dba Bazooka Candy Brands)	First lien senior secured revolving loan	10/2029	—	4,440	—
BP Veraison Buyer, LLC (dba Sun World)	First lien senior secured revolving loan	5/2029	—	27,932	—
Brightway Holdings, LLC	First lien senior secured revolving loan	12/2027	3,844	1,419	—
Cadence, Inc.	First lien senior secured revolving loan	5/2026	3,802	3,538	—
Cambrex Corporation	First lien senior secured revolving loan	3/2032	—	102	—
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)	First lien senior secured revolving loan	8/2027	391	1,283	—
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)	First lien senior secured revolving loan	6/2029	—	2,239	—

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


				Unfunded
Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Commitment	Fair Value(23)
CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.)	First lien senior secured revolving loan	1/2030	—	3,112	—
CivicPlus, LLC	First lien senior secured revolving loan	8/2030	—	4,887	(12)
CMG HoldCo, LLC (dba Crete United)	First lien senior secured revolving loan	11/2030	11	270	—
Commander Buyer, Inc. (dba CenExel)	First lien senior secured revolving loan	6/2032	—	10,226	(26)
Coupa Holdings, LLC	First lien senior secured revolving loan	2/2029	—	107	—
Creek Parent, Inc. (dba Catalent)	First lien senior secured revolving loan	12/2031	—	16,401	—
Crewline Buyer, Inc. (dba New Relic)	First lien senior secured revolving loan	11/2030	—	14,870	(112)
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)	First lien senior secured revolving loan	8/2031	—	7,663	—
DCG ACQUISITION CORP. (dba DuBois Chemical)	First lien senior secured revolving loan	6/2031	—	12,168	(91)
Delinea Buyer, Inc. (f/k/a Centrify)	First lien senior secured revolving loan	3/2027	—	6,817	—
Denali BuyerCo, LLC (dba Summit Companies)	First lien senior secured revolving loan	9/2027	4,539	4,539	—
Diamond Mezzanine 24 LLC (dba United Risk)	First lien senior secured revolving loan	10/2030	380	808	—
Dresser Utility Solutions, LLC	First lien senior secured revolving loan	3/2029	—	9,481	—
DuraServ LLC	First lien senior secured revolving loan	6/2030	—	17,976	(135)
Eagle Family Foods Group LLC	First lien senior secured revolving loan	8/2030	—	303	—
EET Buyer, Inc. (dba e-Emphasys)	First lien senior secured revolving loan	11/2027	—	2,409	—
Einstein Parent, Inc. (dba Smartsheet)	First lien senior secured revolving loan	1/2031	—	4,488	(45)
Essential Services Holding Corporation (dba Turnpoint)	First lien senior secured revolving loan	6/2030	637	2,547	—
EresearchTechnology, Inc. (dba Clario)	First lien senior secured revolving loan	10/2031	—	8,114	—
Eternal Buyer, LLC (dba Wedgewood Weddings)	First lien senior secured revolving loan	6/2032	—	7,000	(35)
Evolution BuyerCo, Inc. (dba SIAA)	First lien senior secured revolving loan	4/2030	—	52	—
Fiesta Purchaser, Inc. (dba Shearer's Foods)	First lien senior secured revolving loan	2/2029	410	7,787	—
Forescout Technologies, Inc.	First lien senior secured revolving loan	5/2030	—	13,965	—
Fortis Solutions Group, LLC	First lien senior secured revolving loan	10/2027	903	2,708	—
Foundation Consumer Brands, LLC	First lien senior secured revolving loan	2/2029	—	4,791	(24)
FR Flow Control CB LLC (dba Trillium Flow Technologies)	First lien senior secured revolving loan	12/2029	580	4,640	—
Gainsight, Inc.	First lien senior secured revolving loan	7/2027	—	4,537	—
Galls, LLC	First lien senior secured revolving loan	3/2030	4,501	11,867	—
Galway Borrower LLC	First lien senior secured revolving loan	9/2028	83	309	—
Gaylord Chemical Company, L.L.C.	First lien senior secured revolving loan	12/2027	8,243	8,930	—
Gerson Lehrman Group, Inc.	First lien senior secured revolving loan	12/2028	—	7,891	—
GI Apple Midco LLC (dba Atlas Technical Consultants)	First lien senior secured revolving loan	4/2029	2	109	—
GI Ranger Intermediate, LLC (dba Rectangle Health)	First lien senior secured revolving loan	10/2027	—	2,042	(41)
Granicus, Inc.	First lien senior secured revolving loan	1/2031	—	2,467	—
GS Acquisitionco, Inc. (dba insightsoftware)	First lien senior secured revolving loan	5/2028	82	165	—

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


				Unfunded
Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Commitment	Fair Value(23)
H&F Opportunities LUX III S.À R.L (dba Checkmarx)	First lien senior secured revolving loan	4/2027	—	16,250	—
Hercules Borrower, LLC (dba The Vincit Group)	First lien senior secured revolving loan	12/2028	—	10,835	(27)
HGH Purchaser, Inc. (dba Horizon Services)	First lien senior secured revolving loan	11/2026	12,411	4,137	—
Hissho Parent, LLC	First lien senior secured revolving loan	5/2029	—	2,379	—
Hyland Software, Inc.	First lien senior secured revolving loan	9/2029	—	3,198	—
Icefall Parent, Inc. (dba EngageSmart)	First lien senior secured revolving loan	1/2030	—	3,169	—
IG Investments Holdings, LLC (dba Insight Global)	First lien senior secured revolving loan	9/2028	—	12,513	—
Indigo Buyer, Inc. (dba Inovar Packaging Group)	First lien senior secured revolving loan	5/2028	—	200	—
Indikami Bidco, LLC (dba IntegriChain)	First lien senior secured revolving loan	6/2030	1,586	501	—
Integrity Marketing Acquisition, LLC	First lien senior secured revolving loan	8/2028	—	4,623	—
Interoperability Bidco, Inc. (dba Lyniate)	First lien senior secured revolving loan	3/2028	2,257	3,385	—
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)*	First lien senior secured revolving loan	8/2026	11,175	—	—
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))	First lien senior secured revolving loan	12/2028	—	4,007	—
JS Parent, Inc. (dba Jama Software)	First lien senior secured revolving loan	4/2031	—	88	—
KABAFUSION Parent, LLC	First lien senior secured revolving loan	11/2031	—	3,889	—
KENE Acquisition, Inc. (dba Entrust Solutions Group)	First lien senior secured revolving loan	2/2031	—	2,360	—
KRIV Acquisition Inc. (dba Riveron)	First lien senior secured revolving loan	7/2031	140	1,307	—
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)	First lien senior secured revolving loan	12/2029	—	16,029	—
Lakefield Acquisition Corp. (dba Lakefield Veterinary Group)	First lien senior secured revolving loan	9/2029	—	67	—
Lightbeam Bidco, Inc. (dba Lazer Spot)	First lien senior secured revolving loan	5/2029	—	476	—
Lignetics Investment Corp.	First lien senior secured revolving loan	10/2026	10,294	2,059	—
Litera Bidco LLC	First lien senior secured revolving loan	5/2028	1,277	7,318	—
Maple Acquisition, LLC (dba Medicus)	First lien senior secured revolving loan	5/2030	—	12,129	—
Mario Purchaser, LLC (dba Len the Plumber)	First lien senior secured revolving loan	4/2028	709	1,225	—
MHE Intermediate Holdings, LLC (dba OnPoint Group)	First lien senior secured revolving loan	7/2027	7,643	11,464	—
Milan Laser Holdings LLC	First lien senior secured revolving loan	4/2026	—	8,112	(122)
MINDBODY, Inc.	First lien senior secured revolving loan	9/2027	—	6,071	—
Ministry Brands Holdings, LLC	First lien senior secured revolving loan	12/2027	—	1,076	(8)
Minotaur Acquisition, Inc. (dba Inspira Financial)	First lien senior secured revolving loan	6/2030	—	20,009	—
Modernizing Medicine, Inc. (dba ModMed)	First lien senior secured revolving loan	4/2032	—	71	—
Monotype Imaging Holdings Inc.	First lien senior secured revolving loan	2/2030	—	18,843	—
National Dentex Labs LLC (fka Barracuda Dental LLC)	First lien senior secured revolving loan	4/2026	10,817	109	—
Natural Partners, LLC	First lien senior secured revolving loan	11/2030	—	557	(1)

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


				Unfunded
Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Commitment	Fair Value(23)
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.	First lien senior secured EUR revolving loan	3/2031	266	3,792	—
Nelipak Holding Company	First lien senior secured revolving loan	3/2031	4,678	2,867	—
NMI Acquisitionco, Inc. (dba Network Merchants)	First lien senior secured revolving loan	9/2028	—	2,210	—
Norvax, LLC (dba GoHealth)*	First lien senior secured revolving loan	8/2029	3,866	—	—
Notorious Topco, LLC (dba Beauty Industry Group)*	First lien senior secured revolving loan	5/2027	14,859	—	—
OB Hospitalist Group, Inc.	First lien senior secured revolving loan	9/2027	—	21,999	—
Ole Smoky Distillery, LLC	First lien senior secured revolving loan	3/2028	—	116	(2)
Packaging Coordinators Midco, Inc.	First lien senior secured revolving loan	1/2032	—	16,142	(81)
Packaging Coordinators Midco, Inc.	First lien senior secured revolving loan	12/2032	—	3,249	(16)
Paris US Holdco, Inc. (dba Precinmac)	First lien senior secured revolving loan	12/2031	186	3,535	—
Park Place Technologies, LLC	First lien senior secured revolving loan	3/2030	478	901	—
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)	First lien senior secured revolving loan	1/2028	1,157	15,036	—
PDI TA Holdings, Inc.	First lien senior secured revolving loan	2/2031	730	1,095	—
PetVet Care Centers, LLC	First lien senior secured revolving loan	11/2029	—	18,299	(1,372)
Valeris, Inc. (fka Phantom Purchaser, Inc.)	First lien senior secured revolving loan	9/2031	—	5,443	(27)
Ping Identity Holding Corp.	First lien senior secured revolving loan	10/2028	—	91	—
Plasma Buyer LLC (dba PathGroup)	First lien senior secured revolving loan	5/2028	151	1	—
PPV Intermediate Holdings, LLC	First lien senior secured revolving loan	8/2029	—	2,081	—
Premise Health Holding Corp.	First lien senior secured revolving loan	2/2030	—	7,303	—
Puma Buyer, LLC (dba PANTHERx)	First lien senior secured revolving loan	3/2032	—	139	—
Pye-Barker Fire & Safety, LLC	First lien senior secured revolving loan	5/2030	2,918	20,426	—
QAD, Inc.	First lien senior secured revolving loan	11/2027	—	9,429	—
Quva Pharma, Inc.*	First lien senior secured revolving loan	4/2026	5,182	—	—
Relativity ODA LLC	First lien senior secured revolving loan	5/2029	—	8,655	—
Rhea Parent, Inc.	First lien senior secured revolving loan	12/2030	—	4,480	(11)
RL Datix Holdings (USA), Inc.	First lien senior secured revolving loan	10/2030	—	11,139	—
Salinger Bidco Inc. (dba Surgical Information Systems)	First lien senior secured revolving loan	5/2031	666	3,330	—
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)	First lien senior secured revolving loan	7/2027	6,214	2,786	—
Securonix, Inc.	First lien senior secured revolving loan	4/2028	—	305	(31)
Sensor Technology Topco, Inc. (dba Humanetics)	First lien senior secured revolving loan	5/2028	—	7,269	—
Severin Acquisition, LLC (dba PowerSchool)	First lien senior secured revolving loan	10/2031	—	189	(2)
Simplicity Financial Marketing Group Holdings, Inc.	First lien senior secured revolving loan	12/2031	—	5,464	—
SimonMed, Inc.	First lien senior secured revolving loan	2/2031	36	61	—
Smarsh Inc.	First lien senior secured revolving loan	2/2029	55	143	—
Soleo Holdings, Inc.	First lien senior secured revolving loan	2/2032	—	8,651	—
Soliant Lower Intermediate, LLC (dba Soliant)	First lien senior secured revolving loan	6/2031	—	4,444	(244)
Sonny's Enterprises, LLC	First lien senior secured revolving loan	8/2027	9,510	14,188	—
Spaceship Purchaser, Inc. (dba Squarespace)	First lien senior secured revolving loan	10/2031	—	2,076	—
Spotless Brands, LLC	First lien senior secured revolving loan	7/2028	1,044	1,566	—

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


					Unfunded
Company	Commitment Type	Commitment Expiration Date	Funded Commitment		Commitment		Fair Value(23)
STS PARENT, LLC (dba STS Aviation Group)	First lien senior secured revolving loan	10/2030	8,487		4,323		—
SWK BUYER, Inc. (dba Stonewall Kitchen)	First lien senior secured revolving loan	3/2029	68		72		—
Tamarack Intermediate, L.L.C. (dba Verisk 3E)	First lien senior secured revolving loan	3/2029	—		253		—
TBRS, Inc. (dba TEAM Technologies)	First lien senior secured revolving loan	11/2030	346		5,239		—
The Better Being Co., LLC (fka Nutraceutical International Corporation)	First lien senior secured revolving loan	9/2026	—		14,314		—
The Shade Store, LLC	First lien senior secured revolving loan	10/2028	8,104		2,286		—
THG Acquisition, LLC (dba Hilb)	First lien senior secured revolving loan	10/2031	323		4,031		—
Thunder Purchaser, Inc. (dba Vector Solutions)	First lien senior secured revolving loan	6/2027	—		8,545		—
Troon Golf, L.L.C.	First lien senior secured revolving loan	8/2028	—		6,248		—
Truist Insurance Holdings, LLC	First lien senior secured revolving loan	5/2029	—		1,755		(3)
Unified Women's Healthcare, LP	First lien senior secured revolving loan	6/2029	—		177		—
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)	First lien senior secured revolving loan	12/2029	—		5,335		—
Velocity HoldCo III Inc. (dba VelocityEHS)	First lien senior secured revolving loan	4/2027	—		1,708		—
Vessco Midco Holdings, LLC	First lien senior secured revolving loan	7/2031	—		5,521		—
Vital Bidco AB (dba Vitamin Well)	First lien senior secured revolving loan	10/2030	—		14,522		—
WU Holdco, Inc. (dba PurposeBuilt Brands)	First lien senior secured revolving loan	4/2032	—		7,100		—
Zendesk, Inc.	First lien senior secured revolving loan	11/2028	—		9,557		—
MAJCO LLC (dba Big Brand Tire & Service)	First lien senior secured revolving loan	9/2032	—		11,523		(58)
Flexera Software LLC	First lien senior secured revolving loan	8/2032	—		1,348		(3)
Offen, Inc.	First lien senior secured revolving loan	7/2029	—		2,185		(22)
By Light Professional IT Services LLC	First lien senior secured revolving loan	7/2031	—		3,178		(48)
Bristol Hospice L.L.C.	First lien senior secured revolving loan	8/2032	—		4,007		(20)
Denali Intermediate Holdings, Inc. (dba Dun & Bradstreet)	First lien senior secured revolving loan	8/2032	—		7,736		(116)
Deerfield Dakota Holdings	First lien senior secured revolving loan	9/2032	—		10,864		(54)
Wrench Group LLC	First lien senior secured revolving loan	9/2031	—		16,473		(96)
The Better Being Co., LLC (fka Nutraceutical International Corporation)*	First lien senior secured revolving loan	9/2026	917		—		—
National Dentex Labs LLC (fka Barracuda Dental LLC)*	First lien senior secured revolving loan	4/2026	418		—		—
Total non-controlled/non-affiliated - debt commitments			$	396,921	$	1,844,065	$	(4,563)
Non-controlled/non-affiliated - equity commitments
Percheron Horsepower-A LP (dba Big Brand Tire & Service)	Limited Partner Interest	N/A	$	12,098	$	2,116	$	—
Total non-controlled/non-affiliated - equity commitments			$	12,098	$	2,116	$	—
Non-controlled/affiliated - debt commitments
Pluralsight, LLC	First lien senior secured delayed draw term loan	8/2029	$	—	$	9,524	$	(95)
Ideal Image Development, LLC	First lien senior secured revolving loan	2/2029	4,763		1,945		—
Ideal Image Development, LLC*	First lien senior secured revolving loan	2/2029	422		—		—
Pluralsight, LLC	First lien senior secured revolving loan	8/2029	—		3,810		(38)
Total non-controlled/affiliated - debt commitments			$	5,185	$	15,279	$	(133)

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


					Unfunded
Company	Commitment Type	Commitment Expiration Date	Funded Commitment		Commitment		Fair Value(23)
Controlled/affiliated - debt commitments
Walker Edison Furniture Company LLC	First lien senior secured delayed draw term loan	3/2027	$	3,014	$	1,327	$	—
Walker Edison Furniture Company LLC	First lien senior secured delayed draw term loan	2/2026	1,453		958		—
Walker Edison Furniture Company LLC	First lien senior secured delayed draw term loan	2/2026	—		2,759		—
Walker Edison Furniture Company LLC*	First lien senior secured revolving loan	3/2027	14,575		—		—
Swipe Acquisition Corporation (dba PLI)	First lien senior secured revolving loan	11/2027	13,125		222		—
PS Operating Company LLC (fka QC Supply, LLC)	First lien senior secured revolving loan	12/2026	4,151		1,831		—
Total controlled/affiliated - debt commitments			$	36,318	$	7,097	$	—
Controlled/affiliated - equity commitments
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC	Specialty finance equity investment	N/A	$	30,937	$	47,751	$	—
Wingspire Capital Holdings LLC	Specialty finance equity investment	N/A	479,655		20,345		—
LSI Financing LLC	Specialty finance equity investment	N/A	206,569		79,350		—

Total controlled/affiliated - equity commitments			$	717,161	$	147,446	$	—
Total Portfolio Company Commitments			$	1,167,683	$	2,016,003	$	(4,696)

*Fully funded

(23)The negative cost and fair value results from unamortized fees, which are capitalized to the investment cost of unfunded commitments.

(24)As defined in the Investment Company Act of 1940, as amended (the “1940 Act”), the Company is deemed to “control” a portfolio company if the Company owns more than 25% of the portfolio company's voting securities or has the power to exercise control over management or policies, including through a management agreement. As defined in the 1940 Act, the Company is an “affiliated person” of this portfolio company if the Company owns more than 5% or more of the portfolio company’s outstanding voting securities. Transactions related to the Company’s investments in non-controlled affiliates and controlled affiliates for the nine months ended September 30, 2025 were as follows:

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


Company	Fair value as of December 31, 2024		Gross Additions (a)		Gross Reductions(b)		Net Change in Unrealized Gains (Losses)		Fair value as of September 30, 2025		Interest and PIK Income		Dividend Income		Other Income
Non - Controlled Affiliates
LSI Financing 1 DAC	$	4,771	$	3,041	$	(1,001)	$	(389)	$	6,422	$	—	$	555	$	—
LSI Financing LLC	158,824				(158,824)		—		—		—		—		—
Ideal Image Development, LLC	16,183		24,244		(5,240)		(32,833)		2,354		289		—		25
Paradigmatic Holdco LLC (dba Pluralsight)	55,282		13,749		(56)		(8,045)		60,930		3,725		—		71
Blue Owl Cross-Strategy Opportunities LLC	—		5,281		—		—		5,281		—		16		—
Total	$	235,060	$	46,315	$	(165,121)	$	(41,267)	$	74,987	$	4,014	$	571	$	96

Controlled Affiliates	Fair value as of December 31, 2024		Gross Additions (a)		Gross Reductions(b)		Net Change in Unrealized Gains (Losses)		Fair value as of September 30, 2025		Interest and PIK Income		Dividend Income		Other Income
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(d)	$	75,111	$	25,888	$	(461)	$	11,809	$	112,347	$	5,307	$	—	$	—
AAM Series 2.1 Aviation Feeder, LLC(d)	77,680		55,574		(2,487)		10,818		141,585		6,002		—		—
Blue Owl Credit SLF LLC(c)	295,476		110,720		—		(6,328)		399,868		—		30,670		—
Eagle Infrastructure Services, LLC	111,801		258		—		16,371		128,430		8,142		2,188		37
Fifth Season Investments LLC	223,274		159,985		—		14,756		398,015		—		28,710		—
LSI Financing LLC	—		336,708		(127,648)		9,919		218,979		—		9,556		—
PS Operating Company LLC (fka QC Supply, LLC)	2,916		663		(1,836)		2,059		3,802		—		—		—
New PLI Holdings, LLC (dba PLI)	200,472		6,995		—		(3,995)		203,472		9,790		2,670		52
Walker Edison Furniture Company LLC	12,411		10,465		(172)		(8,928)		13,776		—		—		—
Wingspire Capital Holdings LLC	508,887		54,250		(6,000)		15,432		572,569		—		33,000		—
Total	$	1,508,028	$	761,506	$	(138,604)	$	61,913	$	2,192,843	$	29,241	$	106,794	$	89

_______________

(a)Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to payment-in-kind (“PIK”) interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement at fair value of an existing portfolio company into this controlled affiliated category from a different category.

(b)Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, return of capital, the amortization of premiums and the exchange of one or more existing securities for one or more new securities.

(c)For further description of the Company's investment in Blue Owl Credit SLF LLC (“Credit SLF”), see Note 4 “Investments.”

(d)In connection with its investment in AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC and AAM Series 2.1 Aviation Feeder, LLC (collectively, “Amergin Assetco”) the Company made a minority investment in Amergin Asset Management, LLC, which has entered into a Servicing Agreement with Amergin Assetco.

(25)Unless otherwise indicated, the Company’s portfolio companies are pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility, SPV Asset Facilities and CLOs. See Note 5 “Debt.”

(26)Investment is not pledged as collateral for the credit facilities.

(27)As of September 30, 2025, the net estimated unrealized gain for U.S. federal income tax purposes was $16.4 million based on a tax cost basis of $17.1 billion. As of September 30, 2025, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $566.4 million and the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $582.8 million.

(28)Loan was on non-accrual status as of September 30, 2025.

(29)Non-income producing.

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)
(Unaudited)

(30)Securities acquired in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”) and may be deemed to be “restricted securities” under the Securities Act. As of September 30, 2025, the aggregate fair value of these securities is $3.0 billion or 38.9% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:

Portfolio Company

Investment

Acquisition Date

AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC*

Specialty finance equity investment

7/1/2022

AAM Series 2.1 Aviation Feeder, LLC*

Specialty finance equity investment

7/1/2022

Alphasense, LLC

Series E Preferred Shares

6/27/2024

Amergin Asset Management, LLC

Specialty finance equity investment

7/1/2022

Accelerate Topco Holdings, LLC

Common Units

9/1/2022

ASP Conair Holdings LP

Class A Units

5/17/2021

Baypine Commander Co-Invest, LP

LP Interest

6/24/2025

BEHP Co-Investor II, L.P.

LP Interest

5/11/2022

Blend Labs, Inc.

Warrants

7/2/2021

Blue Owl Credit SLF LLC**

LLC Interest

8/1/2024

Blue Owl Cross-Strategy Opportunities LLC

Specialty finance equity investment

8/20/2025

Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)

Common Units

10/1/2021

CD&R Value Building Partners I, L.P. (dba Belron)

LP Interest

12/2/2021

Denali Holding, LP (dba Summit Companies)

Class A Units

9/15/2021

Dodge Construction Network Holdings, L.P.

Class A-2 Common Units

2/23/2022

Dodge Construction Network Holdings, L.P.

Series A Preferred Units

2/23/2022

Eagle Infrastructure Services, LLC

Common Units

3/31/2023

Elliott Alto Co-Investor Aggregator L.P.

LP Interest

9/27/2022

Evolution Parent, LP (dba SIAA)

LP Interest

4/30/2021

Fifth Season Investments LLC*

Specialty finance equity investment

7/18/2022

Gloves Holdings, LP (dba Protective Industrial Products)

LP Interest

12/29/2020

GoHealth, Inc.

Common stock

8/6/2025

GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)

LP Interest

12/16/2021

Hercules Buyer, LLC (dba The Vincit Group)

Common Units

12/15/2020

Hissho Sushi Holdings, LLC

Class A units

5/17/2022

Hockey Parent Holdings, L.P.

Class A Common Units

9/14/2023

Ideal Topco, L.P.

Class A-1 Preferred Units

2/20/2024

Ideal Topco, L.P.

Class A-2 Common Units

2/20/2024

Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)

LP Interest

6/8/2022

Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)

Perpetual Preferred Stock

6/23/2022

KOBHG Holdings, L.P. (dba OB Hospitalist)

Class A Interests

9/27/2021

KPCI Holdings, L.P.

Class A Units

11/30/2020

KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)

Class A Interest

11/30/2023

LSI Financing 1 DAC*

Specialty finance equity investment

12/14/2022

LSI Financing LLC*

Specialty finance equity investment

11/25/2024

Maia Aggregator, LP

Class A-2 Units

2/1/2022

Bird Holding B.V. (fka MessageBird Holding B.V.)

Extended Series C Warrants

5/5/2021

Metis HoldCo, Inc. (dba Mavis Tire Express Services)

Series A Convertible Preferred Stock

5/4/2021

Minerva Holdco, Inc.

Senior A Preferred Stock

2/15/2022

ModMed Software Midco Holdings, Inc. (dba ModMed)

Series A Preferred Units

4/30/2025

New PLI Holdings, LLC (dba PLI)

Class A Common Units

12/23/2020

Nscale Global Holdings Limited

Preferred equity

9/29/2025

Nscale Global Holdings Limited

Series B Preferred Shares

9/29/2025

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)
(Unaudited)

Portfolio Company

Investment

Acquisition Date

Patriot Holdings SCSp (dba Corza Health, Inc.)

Class B Units

1/29/2021

Patriot Holdings SCSp (dba Corza Health, Inc.)

Class A Units

1/29/2021

PCF Holdco, LLC (dba Trucordia)

Preferred equity

2/16/2023

PCF Holdco, LLC (dba Trucordia)

Warrants

2/16/2023

Percheron Horsepower-A LP (dba Big Brand Tire & Service)

Limited Partner Interest

9/23/2025

Paradigmatic Holdco LLC (dba Pluralsight)

Common stock

8/22/2024

Project Alpine Co-Invest Fund, LP

LP Interest

6/10/2022

Project Hotel California Co-Invest Fund, L.P.

LP Interest

8/9/2022

PS Op Holdings LLC (fka QC Supply, LLC)

Class A Common Units

12/21/2021

Rhea Acquisition Holdings, LP

Series A-2 Units

2/18/2022

Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers)

Series A Preferred Stock

11/15/2023

Space Exploration Technologies Corp.

Class A Common Stock

3/25/2021

Space Exploration Technologies Corp.

Class C Common Stock

3/25/2021

Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)

Series A Preferred Stock

10/14/2021

TCB Holdings I LLC (dba TricorBraun)

Class A Preferred Units

1/31/2025

Thunder Topco L.P. (dba Vector Solutions)

Common Units

6/30/2021

VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.)

Series A Preferred Stock

10/15/2021

Walker Edison Holdco LLC

Common Units

3/1/2023

Windows Entities

LLC Units

1/16/2020

Wingspire Capital Holdings LLC*

Specialty finance equity investment

9/24/2019

WMC Bidco, Inc. (dba West Monroe)

Senior Preferred Stock

11/9/2021

WP Irving Co-Invest, L.P.

Partnership Units

5/18/2022

XOMA Corporation

Warrants

12/15/2023

Zoro TopCo, Inc.

Series A Preferred Equity

11/22/2022

Zoro TopCo, L.P.

Class A Common Units

11/22/2022

*Refer to Note 3 “Agreements and Related Party Transactions – Controlled/Affiliated Portfolio Companies.”

** Refer to Note 4 “Investments – Credit SLF LLC” for further information.

(31)This portfolio company is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. As of September 30, 2025, non-qualifying assets represented 13.3% of total assets as calculated in accordance with the regulatory requirements.

(32)Investment represents multiple underlying investments in related entities under common management. These underlying investments are on identical terms and include Midwest Custom Windows, LLC with a fair value of $24.1 million, Greater Toronto Custom Windows, Corp. with a fair value of $10.0 million, Garden State Custom Windows, LLC with a fair value of $33.4 million, Long Island Custom Windows, LLC with a fair value of $28.9 million, Jemico, LLC with a fair value of $23.2 million, Atlanta Custom Windows, LLC with a fair value of $11.5 million and Fairchester Custom Windows with a fair value of $7.6 million as of September 30, 2025. Greater Toronto Custom Windows, Corp. is considered a non-qualifying asset.

(33)The Company invests in this portfolio company through underlying blocker entities Hercules Blocker 1 LLC, Hercules Blocker 2 LLC, Hercules Blocker 3 LLC, Hercules Blocker 4 LLC, and Hercules Blocker 5 LLC.

(34)BOCSO was formed to invest in alternative credit assets, including asset-based finance (“ABF”). ABF is a subsector of private credit focused on generating income from pools of financial, physical or other assets. As of September 30, 2025, the portfolio consists of one investment with a cost and fair value of $24.6 million and $24.6 million, respectively. As of September 30, 2025, the portfolio industry composition was 100.0% ABF – Commercial Real Estate.

The accompanying notes are an integral part of these consolidated financial statements.

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)


Company(1)(4)(8)(32)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(2)(3)		Fair Value		Percentage of Net Assets
Non-controlled/non-affiliated portfolio company investments
Debt Investments
Advertising and media
Broadcast Music, Inc. (fka Otis Merger Sub, Inc.)(13)(26)	First lien senior secured loan	S+	5.75%	2/2030	$	26,696	$	26,105	$	26,495	0.4	%
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))(13)(26)	First lien senior secured loan	S+	5.00%	12/2028	19,242		19,242		19,242		0.3	%
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))(10)(14)(26)	First lien senior secured revolving loan	S+	5.00%	12/2027	302		302		302		—	%
Monotype Imaging Holdings Inc.(10)(14)(26)	First lien senior secured loan	S+	5.50%	2/2031	116,080		115,252		115,790		1.9	%





							160,901		161,829		2.6	%
Aerospace and defense
Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC)(10)(14)	First lien senior secured loan	S+	6.75% (0.75% PIK)	1/2025	34,064		22,320		21,290		0.4	%

Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC)(14)	First lien senior secured revolving loan	S+	6.38% (0.75% PIK)	1/2025	3,051		1,999		1,907		—	%
Peraton Corp.(6)(14)(26)	Second lien senior secured loan	S+	7.75%	2/2029	45,899		45,471		36,994		0.6	%
STS PARENT, LLC (dba STS Aviation Group)(13)(26)	First lien senior secured loan	S+	5.00%	10/2031	94,950		94,480		94,475		1.6	%
STS PARENT, LLC (dba STS Aviation Group)(10)(13)(26)	First lien senior secured revolving loan	S+	5.00%	10/2030	4,879		4,827		4,827		0.1	%
Valence Surface Technologies LLC(10)(14)(26)	First lien senior secured loan	S+	7.75% (3.88% PIK)	12/2026	158,509		158,318		148,996		2.5	%
							327,415		308,489		5.2	%
Asset based lending and fund finance
Hg Genesis 8 Sumoco Limited(22)(26)(28)	Unsecured facility	SA+	7.00% PIK	9/2027	£10,533		13,162		13,192		0.2	%
Hg Genesis 9 SumoCo Limited(19)(26)(28)	Unsecured facility	E+	6.25% PIK	3/2029	€54,168		59,284		56,091		0.9	%
Hg Saturn Luchaco Limited(22)(26)(28)	Unsecured facility	SA+	7.50% PIK	3/2026	£40,483		51,405		50,701		0.9	%
							123,851		119,984		2.0	%
Automotive services
Spotless Brands, LLC(10)(15)(26)	First lien senior secured loan	S+	5.75%	7/2028	47,511		46,885		47,393		0.8	%

							46,885		47,393		0.8	%
Buildings and real estate
Associations Finance, Inc.(26)(31)	Unsecured notes		14.25% PIK	5/2030	144,093		143,141		144,093		2.4	%
Associations, Inc.(10)(14)(26)	First lien senior secured loan	S+	6.50%	7/2028	372,899		372,518		372,912		6.3	%



							515,659		517,005		8.7	%
Business services
Aurelia Netherlands B.V.(19)(26)(28)	First lien senior secured EUR term loan	E+	5.75%	5/2031	€50,193		52,626		51,715		0.9	%

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)


Company(1)(4)(8)(32)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets
CIBT Global, Inc.(11)(14)(26)	First lien senior secured loan	S+	5.25% (4.25% PIK)	6/2027	973	588	199	—	%
CIBT Global, Inc.(11)(17)(26)	Second lien senior secured loan	P+	7.75% PIK	12/2027	63,678	26,669	—	—	%

CMG HoldCo, LLC (dba Crete United)(10)(14)(26)	First lien senior secured delayed draw term loan	S+	4.75%	5/2028	653	646	644	—	%
CoolSys, Inc.(14)	First lien senior secured loan	S+	4.75%	8/2028	11,924	11,691	11,596	0.2	%
Denali BuyerCo, LLC (dba Summit Companies)(10)(14)(26)	First lien senior secured loan	S+	5.75%	9/2028	52,197	51,762	52,197	0.9	%
Diamondback Acquisition, Inc. (dba Sphera)(13)(26)	First lien senior secured loan	S+	5.50%	9/2028	4,025	3,977	4,005	0.1	%
DuraServ LLC(10)(13)(26)	First lien senior secured loan	S+	4.50%	6/2031	86,929	86,456	86,495	1.5	%
Fullsteam Operations, LLC(10)(14)(26)	First lien senior secured loan	S+	8.25%	11/2029	13,001	12,658	13,001	0.2	%
Fullsteam Operations, LLC(10)(14)(26)	First lien senior secured delayed draw term loan	S+	7.00%	11/2029	818	771	811	—	%
Gainsight, Inc.(10)(14)(26)	First lien senior secured loan	S+	6.00%	7/2027	28,007	27,813	28,007	0.5	%
Hercules Borrower, LLC (dba The Vincit Group)(14)(26)	First lien senior secured loan	S+	5.50%	12/2026	173,292	173,294	173,292	2.9	%
Hercules Buyer, LLC (dba The Vincit Group)(10)(26)(30)(31)	Unsecured notes		0.48% PIK	12/2029	5,201	5,201	6,355	0.1	%
Kaseya Inc.(13)(26)	First lien senior secured loan	S+	5.50%	6/2029	19,038	18,773	19,038	0.3	%
Kaseya Inc.(10)(14)(26)	First lien senior secured delayed draw term loan	S+	5.50%	6/2029	578	554	578	—	%
KPSKY Acquisition, Inc. (dba BluSky)(10)(14)(26)	First lien senior secured loan	S+	5.50%	10/2028	4,839	4,780	4,439	0.1	%
KPSKY Acquisition, Inc. (dba BluSky)(10)(14)(26)	First lien senior secured delayed draw term loan	S+	5.75%	10/2028	3	1	(16)	—	%
Ping Identity Holding Corp.(14)(26)	First lien senior secured loan	S+	4.75%	10/2029	904	902	904	—	%
Pye-Barker Fire & Safety, LLC(10)(14)(26)	First lien senior secured loan	S+	4.50%	5/2031	133,855	133,124	133,521	2.2	%
Pye-Barker Fire & Safety, LLC(10)(14)(26)	First lien senior secured revolving loan	S+	4.50%	5/2030	2,435	2,348	2,386	—	%









						614,634	589,167	9.9	%
Chemicals
Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC)(6)(13)(26)	Second lien senior secured loan	S+	7.75%	11/2028	10,000	9,913	9,746	0.2	%
DCG ACQUISITION CORP. (dba DuBois Chemical)(13)(26)	First lien senior secured loan	S+	4.50%	6/2031	55,779	55,253	55,500	0.9	%
Gaylord Chemical Company, L.L.C.(10)(14)(26)	First lien senior secured loan	S+	5.25%	12/2027	130,798	130,504	130,798	2.2	%
Rocket BidCo, Inc. (dba Recochem)(14)(26)(28)	First lien senior secured loan	S+	5.75%	11/2030	197,500	193,793	195,525	3.3	%
Velocity HoldCo III Inc. (dba VelocityEHS)(14)(26)	First lien senior secured loan	S+	5.50%	4/2027	21,546	21,328	21,546	0.4	%




						410,791	413,115	7.0	%

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)


Company(1)(4)(8)(32)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets
Consumer products
Conair Holdings LLC(13)(26)	Second lien senior secured loan	S+	7.50%	5/2029	130,335	129,704	119,583	2.0	%
Feradyne Outdoors, LLC(14)(26)	First lien senior secured loan	S+	6.75% (3.74% PIK)	5/2028	76,043	76,043	65,207	1.1	%
Foundation Consumer Brands, LLC(13)(26)	First lien senior secured loan	S+	6.25%	2/2027	2,997	2,997	2,997	0.1	%
Lignetics Investment Corp.(10)(14)(26)	First lien senior secured loan	S+	5.50%	11/2027	39,409	39,316	39,212	0.7	%
Lignetics Investment Corp.(10)(14)(26)	First lien senior secured revolving loan	S+	5.50%	10/2026	3,451	3,440	3,427	0.1	%
SWK BUYER, Inc. (dba Stonewall Kitchen)(14)(26)	First lien senior secured loan	S+	5.25%	3/2029	737	728	715	—	%
WU Holdco, Inc. (dba Weiman Products, LLC)(10)(14)(26)	First lien senior secured loan	S+	5.00%	3/2027	241,806	240,440	241,806	4.1	%



						492,668	472,947	8.1	%
Containers and packaging
Arctic Holdco, LLC (dba Novvia Group)(10)(13)(26)	First lien senior secured loan	S+	6.00%	12/2026	15,956	15,742	15,956	0.3	%
Ascend Buyer, LLC (dba PPC Flexible Packaging)(14)(26)	First lien senior secured loan	S+	5.75%	9/2028	5,387	5,354	5,387	0.1	%
Ascend Buyer, LLC (dba PPC Flexible Packaging)(10)(14)(26)	First lien senior secured revolving loan	S+	5.75%	9/2027	188	186	188	—	%
Fortis Solutions Group, LLC(10)(14)(26)	First lien senior secured loan	S+	5.50%	10/2028	4,535	4,480	4,468	0.1	%
Fortis Solutions Group, LLC(10)(14)(26)	First lien senior secured revolving loan	S+	5.50%	10/2027	162	157	155	—	%
Indigo Buyer, Inc. (dba Inovar Packaging Group)(10)(14)(26)	First lien senior secured loan	S+	6.25%	5/2028	879	873	879	—	%
Indigo Buyer, Inc. (dba Inovar Packaging Group)(13)(26)	First lien senior secured loan	S+	5.25%	5/2028	3,479	3,456	3,462	0.1	%
Pregis Topco LLC(13)(26)	Second lien senior secured loan	S+	7.75%	8/2029	25,667	25,347	25,667	0.4	%
Pregis Topco LLC(13)(26)	Second lien senior secured loan	S+	6.75%	8/2029	134,333	132,893	134,333	2.3	%


						188,488	190,495	3.3	%
Distribution
ABB/Con-cise Optical Group LLC(14)(26)	First lien senior secured loan	S+	7.50%	2/2028	63,778	63,200	62,503	1.0	%
BradyPLUS Holdings, LLC (f/k/a BradyIFS Holdings, LLC)(10)(14)(26)	First lien senior secured loan	S+	5.00%	10/2029	152,598	151,236	152,598	2.6	%
Endries Acquisition, Inc.(10)(13)(26)	First lien senior secured loan	S+	5.25%	12/2028	98,095	97,491	97,359	1.6	%
Offen, Inc.(10)(13)(26)	First lien senior secured loan	S+	5.00%	6/2026	18,588	18,544	18,588	0.3	%


						330,471	331,048	5.5	%
Education


Severin Acquisition, LLC (dba PowerSchool)(13)(26)	First lien senior secured loan	S+	5.00% (2.25% PIK)	10/2031	752	745	745	—	%
						745	745	—	%

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)


Company(1)(4)(8)(32)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets
Energy equipment and services
Dresser Utility Solutions, LLC(13)(26)	First lien senior secured loan	S+	5.25%	3/2029	56,013	55,528	55,873	0.9	%


						55,528	55,873	0.9	%
Financial services
Baker Tilly Advisory Group, L.P.(13)(26)	First lien senior secured loan	S+	4.75%	6/2031	58,064	57,264	57,774	1.0	%
Blackhawk Network Holdings, Inc.(6)(13)(26)	First lien senior secured loan	S+	5.00%	3/2029	74,625	73,279	75,453	1.3	%
Cresset Capital Management, LLC(13)(26)	First lien senior secured loan	S+	5.00%	6/2030	7,797	7,724	7,797	0.1	%
Finastra USA, Inc.(10)(14)(26)(28)	First lien senior secured loan	S+	7.25%	9/2029	94,335	93,496	94,335	1.6	%
Klarna Holding AB(14)(26)(28)	Subordinated Floating Rate Notes	S+	7.00%	4/2034	1,000	1,000	1,000	—	%
KRIV Acquisition Inc. (dba Riveron)(10)(14)(26)	First lien senior secured loan	S+	5.75%	7/2029	6,207	6,055	6,207	0.1	%
Minotaur Acquisition, Inc. (dba Inspira Financial)(10)(13)(26)	First lien senior secured loan	S+	5.00%	6/2030	172,290	170,577	171,428	2.9	%
NMI Acquisitionco, Inc. (dba Network Merchants)(10)(13)(26)	First lien senior secured loan	S+	5.00%	9/2028	36,001	35,911	36,001	0.6	%
Smarsh Inc.(10)(14)(26)	First lien senior secured loan	S+	5.75%	2/2029	857	851	857	—	%
Smarsh Inc.(10)(13)(26)	First lien senior secured revolving loan	S+	5.75%	2/2029	3	3	3	—	%











						446,160	450,855	7.6	%
Food and beverage
Balrog Acquisition, Inc. (dba Bakemark)(14)(26)	Second lien senior secured loan	S+	7.00%	9/2029	22,000	21,875	22,000	0.4	%
Blast Bidco Inc. (dba Bazooka Candy Brands)(14)(26)	First lien senior secured loan	S+	6.00%	10/2030	29,331	28,690	29,331	0.5	%
BP Veraison Buyer, LLC (dba Sun World)(10)(14)(26)	First lien senior secured loan	S+	5.25%	5/2029	91,808	91,171	91,808	1.5	%
EAGLE FAMILY FOODS GROUP LLC(13)(26)	First lien senior secured loan	S+	5.00%	8/2030	1,633	1,617	1,625	—	%
Gehl Foods, LLC(13)(26)	First lien senior secured loan	S+	6.25%	6/2030	69,403	68,753	69,056	1.2	%
Gehl Foods, LLC(10)(14)(26)	First lien senior secured delayed draw term loan	S+	6.25%	6/2030	2,135	2,090	2,125	—	%
H-Food Holdings, LLC(11)(17)(26)	Second lien senior secured loan	P+	6.00%	3/2026	121,800	109,259	4,872	0.1	%
Hissho Parent, LLC(10)(14)(26)	First lien senior secured loan	S+	4.75%	5/2029	8,466	8,424	8,466	0.1	%
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(10)(13)(26)	First lien senior secured loan	S+	6.25%	3/2027	90,039	89,233	88,689	1.5	%
Nellson Nutraceutical, LLC(10)(13)(26)	First lien senior secured loan	S+	5.75%	12/2025	25,567	25,540	25,567	0.4	%
Ole Smoky Distillery, LLC(13)(26)	First lien senior secured loan	S+	5.50%	3/2028	859	849	853	—	%
Par Technology Corporation(13)(26)(28)	First lien senior secured loan	S+	5.00%	7/2029	1,286	1,267	1,273	—	%

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)


Company(1)(4)(8)(32)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets
Rushmore Investment III LLC (dba Winland Foods)(14)(26)	First lien senior secured loan	S+	5.00%	10/2030	274,119		271,603	274,119	4.6	%
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)(10)(14)(26)	First lien senior secured loan	S+	4.50%	7/2025	46,308		46,225	45,921	0.8	%
Tall Tree Foods, Inc.(10)(11)(14)	First lien senior secured loan	S+	9.40% PIK	3/2025	69,065		48,964	33,395	0.6	%
The Better Being Co., LLC (fka Nutraceutical International Corporation)(10)(13)(26)	First lien senior secured loan	S+	7.50% (3.90% PIK)	9/2026	208,850		207,901	208,850	3.5	%
Vital Bidco AB (dba Vitamin Well)(14)(26)(28)	First lien senior secured loan	S+	4.50%	10/2031	47,843		47,185	47,173	0.8	%
Vital Bidco AB (dba Vitamin Well)(10)(13)(26)(28)	First lien senior secured revolving loan	S+	4.50%	10/2030	2,725		2,584	2,580	—	%








							1,073,230	957,703	16.0	%
Healthcare equipment and services
Bamboo US BidCo LLC(10)(14)(26)	First lien senior secured loan	S+	5.25%	9/2030	5,544		5,544	5,544	0.1	%
Bamboo US BidCo LLC(19)(26)	First lien senior secured EUR term loan	E+	5.25%	9/2030	€3,139		3,302	3,250	0.1	%
Cadence, Inc.(10)(14)	First lien senior secured loan	S+	5.00%	5/2026	33,427		32,423	31,918	0.5	%
Creek Parent, Inc. (dba Catalent)(13)(26)	First lien senior secured loan	S+	5.25%	12/2031	86,023		84,524	84,518	1.4	%
CSC MKG Topco LLC (dba Medical Knowledge Group)(13)(26)	First lien senior secured loan	S+	5.75%	2/2029	1,249		1,232	1,236	—	%
Nelipak Holding Company(10)(13)(26)	First lien senior secured loan	S+	5.50%	3/2031	22,202		21,852	21,692	0.4	%
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.(10)(18)(26)	First lien senior secured EUR term loan	E+	5.50%	3/2031	€	37,109	39,604	37,621	0.6	%
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(10)(14)(26)(28)	First lien senior secured loan	S+	5.25%	1/2028	124,840		123,822	124,840	2.1	%
PerkinElmer U.S. LLC(10)(13)(26)	First lien senior secured loan	S+	5.00%	3/2029	22,201		22,160	22,147	0.4	%
Rhea Parent, Inc.(14)(26)	First lien senior secured loan	S+	4.75%	12/2030	33,613		33,512	33,509	0.6	%
TBRS, Inc. (dba TEAM Technologies)(14)(26)	First lien senior secured loan	S+	4.75%	11/2031	28,085		27,945	27,945	0.5	%
TBRS, Inc. (dba TEAM Technologies)(10)(14)(26)	First lien senior secured revolving loan	S+	4.75%	11/2030	255		234	234	—	%





							396,154	394,454	6.7	%
Healthcare providers and services
Allied Benefit Systems Intermediate LLC(10)(13)(26)	First lien senior secured loan	S+	5.25%	10/2030	993		980	993	—	%

Covetrus, Inc.(14)(26)	Second lien senior secured loan	S+	9.25%	10/2030	5,000		4,916	4,863	0.1	%
Engage Debtco Limited(10)(14)(26)(28)	First lien senior secured loan	S+	5.93% (2.75% PIK)	7/2029	1,033		1,015	1,007	—	%
Ex Vivo Parent Inc. (dba OB Hospitalist)(14)(26)	First lien senior secured loan	S+	9.75% PIK	9/2028	78,864		78,122	78,667	1.3	%

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)


Company(1)(4)(8)(32)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets
KABAFUSION Parent, LLC(14)(26)	First lien senior secured loan	S+	5.00%	11/2031	22,222	22,003	22,000	0.4	%
KWOL Acquisition Inc. (dba Worldwide Clinical Trials)(14)(26)	First lien senior secured loan	S+	4.75%	12/2029	64,604	63,555	64,604	1.1	%
Lakefield Acquisition Corp. (dba Lakefield Veterinary Group)(10)(13)(26)	First lien senior secured loan	S+	4.00%	9/2030	568	566	565	—	%
Maple Acquisition, LLC (dba Medicus)(15)(26)	First lien senior secured loan	S+	5.25%	5/2031	63,543	63,096	63,543	1.1	%
National Dentex Labs LLC (fka Barracuda Dental LLC)(10)(14)(26)	First lien senior secured loan	S+	8.00% (3.00% PIK)	4/2026	114,369	113,973	91,281	1.5	%
National Dentex Labs LLC (fka Barracuda Dental LLC)(10)(14)(26)	First lien senior secured revolving loan	S+	7.00%	4/2026	7,071	7,033	5,057	0.1	%
National Dentex Labs LLC (fka Barracuda Dental LLC)(16)(26)	First lien senior secured delayed draw term loan	S+	10.00% PIK	4/2026	8,052	8,040	6,361	0.1	%
Natural Partners, LLC(10)(14)(26)(28)	First lien senior secured loan	S+	4.50%	11/2027	1,232	1,217	1,226	—	%
OB Hospitalist Group, Inc.(10)(13)(26)	First lien senior secured loan	S+	5.25%	9/2027	107,590	106,299	107,321	1.8	%
Pacific BidCo Inc.(10)(15)(26)(28)	First lien senior secured loan	S+	6.00% (2.05% PIK)	8/2029	36,012	35,376	35,112	0.6	%
PetVet Care Centers, LLC(13)(26)	First lien senior secured loan	S+	6.00%	11/2030	107,126	106,180	102,573	1.7	%
Phantom Purchaser, Inc.(14)(26)	First lien senior secured loan	S+	5.00%	9/2031	29,258	28,974	29,038	0.5	%
Physician Partners, LLC(14)(26)	First lien senior secured loan	S+	4.00%	12/2028	9,725	3,979	6,467	0.1	%
Plasma Buyer LLC (dba PathGroup)(14)(26)	First lien senior secured loan	S+	5.75%	5/2029	665	656	657	—	%
Plasma Buyer LLC (dba PathGroup)(10)(14)(26)	First lien senior secured delayed draw term loan	S+	6.25%	5/2029	20	20	20	—	%
Plasma Buyer LLC (dba PathGroup)(10)(14)(26)	First lien senior secured revolving loan	S+	5.75%	5/2028	42	42	41	—	%
PPV Intermediate Holdings, LLC(14)(26)	First lien senior secured loan	S+	5.75%	8/2029	928	914	928	—	%
PPV Intermediate Holdings, LLC(14)(26)	First lien senior secured delayed draw term loan	S+	6.00%	8/2029	57	57	57	—	%
Premier Imaging, LLC (dba LucidHealth)(10)(14)(26)	First lien senior secured loan	S+	6.00% (6.47% PIK)	3/2026	47,579	47,579	44,130	0.7	%
Premise Health Holding Corp.(14)(26)	First lien senior secured loan	S+	5.50%	3/2031	47,316	46,667	47,198	0.8	%
Quva Pharma, Inc.(10)(15)(26)	First lien senior secured loan	S+	5.50%	4/2028	51,967	51,096	51,447	0.9	%
Quva Pharma, Inc.(10)(15)(26)	First lien senior secured revolving loan	S+	5.50%	4/2026	3,360	3,329	3,320	0.1	%
Tivity Health, Inc.(13)(26)	First lien senior secured loan	S+	5.00%	6/2029	494	494	494	—	%
Unified Women's Healthcare, LP(14)(26)	First lien senior secured loan	S+	5.25%	6/2029	893	888	893	—	%
Unified Women's Healthcare, LP(14)(26)	First lien senior secured loan	S+	5.50%	6/2029	24,773	24,609	24,773	0.4	%
Unified Women's Healthcare, LP(10)(13)(26)	First lien senior secured delayed draw term loan	S+	5.25%	6/2029	8,812	8,748	8,812	0.1	%

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)

Company(1)(4)(8)(32)

Investment

Interest

Maturity Date

Par / Units

Amortized Cost(2)(3)

Fair Value

Percentage of Net Assets

Vermont Aus Pty Ltd(21)(26)(28)

First lien senior secured AUD term loan

BB+

5.75%

3/2028